Article 92W - Prohibition of financial assistance to directors
(1) It shall not be lawful for an LLC(G) to make a loan or similar form of financial assistance to any person who is its director or a director of its
Holding Company, or to enter into any guarantee or provide security in connection with any financial assistance made to such person as aforesaid by any other person, provided that nothing in this Article 92W shall apply to anything done to provide any such person as aforesaid with funds to meet expenditure incurred or to be incurred by him for the purposes of the LLC(G) or for the purpose of enabling him properly to perform his duties as an Officer of the LLC(G).
(2) Financial assistance shall be deemed to be financial assistance to a director if it is made to or in favour of:
(A) a spouse or child of a director; or
Body Corporate of which a director or his spouse or child (or any of them together) owns or controls directly or indirectly more than 20 percent of the share capital.
|Inserted (as from 5th April 2015).|