Section 195(4)

The persons so liable are— any director of the company or of its holding company with whom the company entered into the arrangement in contravention of section 190, any person with whom the company entered into the arrangement in contravention of that section who is connected with a director of the company or of its holding company, the director of the company or of its holding company with whom any such person is connected, and any other director of the company who authorised the arrangement or any transaction entered into in pursuance of such an arrangement.

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Source: legislation.gov.uk · retrieved 2026-09-04