Company Law Reform Bill

moved Amendments Nos. 201 to 210:"Page 86, line 33, after ““transaction”” insert ““or arrangement””""Page 86, line 36, after ““transaction”” insert ““or arrangement””""Page 86, line 38, after ““transaction”” insert ““or arrangement””""Page 86, line 40, after ““transaction”” insert ““or arrangement””""Page 86, line 42, after ““transaction”” insert ““or arrangement””""Page 86, line 44, after ““transaction”” insert ““or arrangement””""Page 87, line 2, after ““transaction”” insert ““or arrangement””""Page 87, line 5, at end insert ““or arrangement””""Page 87, line 6, leave out subsections (4) to (6) and insert—" ““(4)   The persons so liable are— (a)   any director of the company or of its holding company with whom the company entered into the transaction or arrangement in contravention of section 180, 182 or 184, (b)   any person with whom the company entered into the transaction or arrangement in contravention of any of those sections who is connected with a director of the company or of its holding company, (c)   the director of the company or of its holding company with whom any such person is connected, and (d)   any other director of the company who authorised the transaction or arrangement. (4A)   Subsections (3) and (4) are subject to the following two subsections. (5)   In the case of a transaction or arrangement entered into by a company in contravention of section 180, 182 or 184 with a person connected with a director of the company or of its holding company, that director is not liable by virtue of subsection (4)(c) if he shows that he took all reasonable steps to secure the company’s compliance with the section concerned. (6)   In any case— (a)   a person so connected is not liable by virtue of subsection (4)(b), and (b)   a director is not liable by virtue of subsection (4)(d), if he shows that, at the time the transaction or arrangement was entered into, he did not know the relevant circumstances constituting the contravention.”” Page 87, line 18, after ““transaction”” insert ““or arrangement”” On Question, amendments agreed to. Clause 193, as amended, agreed to. Clause 194 [Loans etc: effect of subsequent affirmation]: