Interested director transactions: agency sales may trigger statutory restriction; aggregate annual dealings with connected parties fall under limits. Contracts between a company and a dealer on a principal to principal basis are outside the interested director restriction unless the dealer sells or supplies goods as an agent of the private company or firm manufacturing those goods. The monetary threshold applies to the aggregate of purchase or supply transactions over a calendar year between the company and a connected counterparty, defined to include a director or relative, a firm with such a partner, other partners of that firm, or a private company of which the director is a member or director.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interested director transactions: agency sales may trigger statutory restriction; aggregate annual dealings with connected parties fall under limits.
Contracts between a company and a dealer on a principal to principal basis are outside the interested director restriction unless the dealer sells or supplies goods as an agent of the private company or firm manufacturing those goods. The monetary threshold applies to the aggregate of purchase or supply transactions over a calendar year between the company and a connected counterparty, defined to include a director or relative, a firm with such a partner, other partners of that firm, or a private company of which the director is a member or director.
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