Payment to director for loss of office, etc., in connection with transfer of undertaking, property or shares

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Payment to director for loss of office, etc., in connection with transfer of undertaking, property or shares

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....ansfer of the whole or any part of any undertaking or property of the company; or (b) the transfer to any person of all or any of the shares in a company being a transfer resulting from - (i) an offer made to the general body of shareholders; (ii) an offer made by or on behalf of some other body corporate with a view to a company becoming a subsidiary company of such body corporate or a subs....

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....eof, have been disclosed to the members of the company and the proposal has been approved by the company in general meeting. (2) Nothing in sub-section (1) shall affect any payment made by a company to a managing director or whole-time director or manager of the company by way of compensation for loss of office or as consideration for retirement from office or in connection with such loss or reti....

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Payment to director for loss of office, etc., in connection with transfer of undertaking, property or shares