193. Exception for expenditure on company business
Past version: effective from 14/06/2015 - 13/06/2015
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(1) Approval is not required under section 186 (loans to directors), 187 (quasi-loans to directors), 189 (loans or quasi-loans to persons connected with directors) or 190 (credit transactions) for anything done by a company—
(a) to provide a director of the company or of its holding company, or a person connected with any such director, with funds to meet expenditure incurred or to be incurred by him—
(i) for the purposes of the company, or
(ii) for the purpose of enabling him properly to perform his duties as an officer of the company, or
(b) to enable any such person to avoid incurring such expenditure.
(2) This section does not authorise a company to enter into a transaction if the aggregate of—
(a) the value of the transaction in question, and
(b) the value of any other relevant transactions or arrangements,
exceeds 50,000 US dollars.