Section 226E(3)

If a payment for loss of office is made in contravention of section 226C to a director of a quoted company ... in connection with the transfer of the whole or any part of the undertaking or property of the company or a subsidiary of the company— subsection (2) does not apply, and the payment is held by the recipient on trust for the company whose undertaking or property is or is proposed to be transferred.

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