| Commentary

49.2 Existing transactions or arrangements

| Commentary

49.2 Existing transactions or arrangements

A duty of disclosure arises where the director has an interest (direct or indirect) in a transaction or arrangement that has already been entered into by the company although, to avoid duplication, this duty does not arise if or to the extent that the director has already declared the interest in advance (under Section 177 of the Companies Act 2006)1. The main differences from the duty to declare an interest in advance are that the declaration must be made as soon as is reasonably practicable2; any director who fails to comply with the section commits

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