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Chapter 9

 The following loans do not require approval:

– expenditure on company business,
defending proceedings or regulatory action
or investigation

– minor transactions or any in the ordinary
course of business

– intra-group transactions; and

– Where the business of the company is
money-lending.

Payments for loss of office  Payments or benefits to be made on loss of
(s.217) office or retirement

 A written memorandum of the proposed
payment (or other benefit) must be sent to all
members.

 Payment will be held on trust for the company
where approval is not sought.

 Any director who authorised the payment is
liable to indemnify the company for any loss.

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