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Director (Solvency Statements (s113(1)-solvency statement shall be made by…
Director
Solvency Statements
s113(1)-solvency statement shall be made by the directors in a manner may be determined by the Registrar, stating the date on which the statement is made and name of each director making the statement, and shall be signed by each each director making the statement and supported by the declaration to the effect that the directors have made the inquiry the affairs of the company.
s113(2)-solvency statements is related to the reduction of the capital or redemption of the preference shares, of all directors; and transaction related to the financial assistance or share buyback
s113(3)-related to transaction that each directors making the statements has formed the opinion that the companies satisfied the solvency test in relation to the transaction
s113(4)- in forming an opinion for the purposes of making the solvency statement, directors shall inquire into the company's state of affairs and prospects and take into account all the liabilities of the company including contigent liabilities
s113(5)- where company proposed to purchases its own shares under a share buyback, the directors shall make a declaration that it is necessary for the company to buy back its own shares and the share buyback is made in good faith and in the interests of the company
fees and benefits
private company
the approval must recorded in board minutes and be notified to the member of the company within 14 days from the approval date
The board of director may, but subject to constitution approve the fees and benefits
any member with at least 10% shareholding, who consider the payment is not fair, may require the company to pass written resolution at general meeting
resolution not passed, the payment shall be at a debt due by director to the company
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public company
For director of public, listed and subsidiaries companies, it shall be approved at general meeting
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