Companies Ammended Act 2009 - Section 9

Amendments of other provisions of Act of 1990 concerning licensed
banks and disclosure of loans, etc.

9.-Section 44 of the Act of 1990 is amended-

(a) in subsection (1), by substituting “are required by subsection
(1) or (2) of section 41 or would, but for section
41(6), be required by subsection (1) or (2) of that section”
for “would, but for section 41(6), be required by subsection
(1) or (2) of that section”;
(b) by inserting the following subsections after subsection (4):
“(4A) Subsection (3) shall not require the inclusion in
the statement of particulars of any transaction, arrangement
or agreement if, by reason of—
(a) the company’s not taking advantage of section
41(6); or
(b) the company’s being required by a rule, instrument,
direction or requirement referred to in
section 41(10) to disclose such information in
the following manner,
the company has included in the group accounts or
accounts referred to in section 41(1) or (2), as the case
may be, for the last complete financial year mentioned in
subsection (3) particulars of the transaction, arrangement
or agreement which, but for either of those reasons, it
would not have disclosed in those accounts by virtue of
section 41(6).
(4B) Where subsection (1) falls to be applied to a company
which is the holding company of a licensed bank,
each of the references in subsection (2) to the company,
other than the first such reference, shall be deemed to be
a reference to the licensed bank.
(4C) A company shall, if required by the Director,
produce to the Director for inspection the register kept
by it in accordance with subsection (1) and shall give the
Director such facilities for inspecting and taking copies of
the contents of the register as the Director may require.”;
(c) in subsection (8), by substituting “subsection (1), (3) or
(4C)” for “subsection (1) or (3)”; and
(d) by substituting the following subsection for subsection (9):
“(9) It shall be a defence in proceedings for an offence
under subsection (8) (being an offence consisting of a failure
to comply with subsection (1) or (3)) for the defendant
to prove that he took all reasonable steps for securing
compliance with subsection (1) or (3), as the case may

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