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Commentary

58 Transactions requiring shareholder approval

COMPANIES vol 10(1) Directors and Other Officers, Shareholders, Shares and Share Capital
| Commentary

58 Transactions requiring shareholder approval

| Commentary

E: TRANSACTIONS WITH DIRECTORS REQUIRING APPROVAL OF MEMBERS

1: INTRODUCTION TO TRANSACTIONS WITH DIRECTORS REQUIRING APPROVAL OF MEMBERS

58 Transactions requiring shareholder approval

The Companies Act 2006 requires company directors to obtain prior shareholder approval for various types of transaction involving a director, namely1:

  1. 58.1

        certain long-term service contracts2;

  2. 58.2

        substantial property transactions3;

  3. 58.3

        loans, quasi-loans and credit transactions4; and

  4. 58.4

        payments for loss of office5.

In addition, the Act places further restrictions on the remuneration payments and payments for loss of office that can be made to directors of

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