Section 369(3)

The directors in default are— those who, at the time the unauthorised donation was made or the unauthorised expenditure was incurred, were directors of the company by which the donation was made or the expenditure was incurred, and where— the directors of the relevant holding company. that company was a subsidiary of a relevant holding company, and the directors of the relevant holding company failed to take all reasonable steps to prevent the donation being made or the expenditure being incurred,

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