Document ID: chunk:federal_register_of_legislation:C2004A02825:body:0:p13
Version: federal_register_of_legislation:C2004A02825
Segment Type: other
Provision Reference: 
Character Range: 32388–35157

part of the undertaking or property of the target company,
          including such a payment or other valuable consideration or other benefit that a person is, or will or may become, obliged under a contract to make or give—particulars with respect to the payment or consideration (including the amount of the payment or the money value of the consideration) or the other benefit;".

PART III—AMENDMENTS OF COMPANIES ACT 1981

Principal Act
20. The Companies Act 19812 is in this Part referred to as the Principal Act.

Interpretation
21. Section 5 of the Principal Act is amended—
     (a) by omitting from the definition of "borrowing corporation" in sub-section (1) "but does not include a banking corporation";
     (b) by inserting after paragraph (a) of the definition of "debenture" in sub-section (1) the following paragraph:
          "(aa) a document issued or executed by a banking corporation in the ordinary course of its banking business, being a document that evidences or acknowledges indebtedness of the corporation arising in the ordinary course of that business;";
     (c) by omitting the definition of "mining company" from sub-section (1) and substituting the following definition:
          " 'mining company' means a company—
              (a) the memorandum of which contains a provision stating the objects of the company; and
              (b) the sole objects of which are mining purposes;";
     (d) by omitting from paragraph (b) of the definition of "officer" in sub-section (1) "the property or any part of the";
     (e) by omitting from sub-section (2) "other person" and substituting "directors or the body corporate";
     (f) by omitting sub-section (7) and substituting the following sub-section:
     "(7) For the purposes of this Act, a receiver of property of a corporation shall be deemed to be also a manager if the receiver manages affairs of the corporation or has power under the terms of his appointment to manage affairs of the corporation."; and
     (g) by inserting after sub-section (8) the following sub-sections:
     "(8a) For the purposes of this Act, a person shall be taken to be or become subject to a section 227 prohibition if, and only if, the person is or becomes, as the case may be, by virtue of section 227, prohibited, without the leave of the Court, from being a director or promoter of, or from being in any way (whether directly or indirectly) concerned in or taking part in the management of, a corporation.
     "(8b) For the purposes of this Act, a person shall be taken to be or become subject to a section 227a order if, and only if, the person is or becomes, as the case may be, prohibited, by virtue of an order made under section 227a or under a provision of a law of a State or of another