Minutes - Approval For Financial Assistance
CO.CA.FA.05
Private Limited Companies are no longer subsject to the rules on financial assistance and do not need to follow the "white wash" procedure.
Please note that public companies are still prohibited from giving financial assistance for the purchase of their own shares.
These Minutes confirm that the acquisition of shares in the company constitute the provision of financial assistance as defined by section 151 of the Companies Act 1985. However it was proposed that the company would avail itself of one of the exceptions of section 151.
The Minutes confirm that the net assets in the company would not be reduced and that the solvency of the company is supported by the directors' statutory declaration and a report from the auditors.
This Approval for Financial Assistance template is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.
Please note that public companies are still prohibited from giving financial assistance for the purchase of their own shares.
These Minutes confirm that the acquisition of shares in the company constitute the provision of financial assistance as defined by section 151 of the Companies Act 1985. However it was proposed that the company would avail itself of one of the exceptions of section 151.
The Minutes confirm that the net assets in the company would not be reduced and that the solvency of the company is supported by the directors' statutory declaration and a report from the auditors.
This Approval for Financial Assistance template is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.
Minutes - Approval For Financial Assistance is part of Corporate. Just £38.50 + VAT provides unlimited downloads from Corporate for 1 year.