682 Conditional exceptions
682 Conditional exceptions
Companies Act 2006 | Legislation

(1)     Neither section 678 nor section 679 prohibits a transaction to which this section applies—

(a)     if the company giving the assistance is a private company, or

(b)     if the company giving the assistance is a public company and—

(i)     the company has net assets that are not reduced by the giving of the assistance, or

(ii)     to the extent that those assets are so reduced, the assistance is provided out of distributable profits.

(2)     The transactions to which this section applies are—

(a)     where the lending of money is part of the ordinary business of the company, the lending of money in the ordinary course of the company's business;