ADVOKS GLOBAL · KENYA
Companies Act
180. Payment for loss of office
Edition: 2024-12-27 · In force
180. Payment for loss of office
(1)In this Division, "payment for loss of office" means a payment made to a director or past director of a company—(a)as compensation for loss of office as a director of the company;(b)as compensation for loss, while a director of the company or in connection with ceasing to hold office as such, of—(i)any other office or employment in connection with the management of the affairs of the company; and(ii)any office or employment in connection with the management of the affairs of a subsidiary undertaking of the company;(c)as consideration in connection with the director's retirement from office as such; or(d)as consideration for or in connection with the director's retirement or ceasing to hold office as such, from—(i)any other office or employment in connection with the management of the affairs of the company; and(ii)any office (as director or otherwise) or employment in connection with the management of the affairs of any subsidiary undertaking of the company.(2)In this Division—(a)a reference to compensation and consideration include benefits otherwise than in cash; and(b)a reference to a payment has a corresponding meaning.(3)For the purposes of this Division—(a)a payment to a person connected with a director; or(b)a payment to any person at the direction of, or for the benefit of, a director or a person connected with the director, is taken to be a payment to the director.(4)A reference in this Division to a payment by a person includes a payment by another person at the direction of, or on behalf of, the first-mentioned person.