COMPANIES ACT - 1963 (ACT 179)

    Section - 129 - Particulars of Amounts due from Officers

    (1) In a note to the accounts of a company there shall, subject to the provisions of this section, be separately shown,

    (a) the aggregate amount of all sums due to the company or any associated company at the end of the company's financial year from any officers of the company or any associated company;

    (b) the maximum amount of all sums due to the company and any associated companies at any time during the company's financial year from any officers of the company or any associated company.

    (2) If the company or any associated company shall have given a guarantee or security to any person in respect of any indebtedness of an officer of the company or any associated company, the amount guaranteed or in respect of which the security was given shall be included in the amounts to be shown under subsection (1) of this section.

    (3) Notwithstanding subsections (1) and (2) of this section, the following shall not require to be separately shown, namely,

    (a) any indebtedness incurred as a result of a transaction in the ordinary course of business by the company or any associated company unless the indebtedness shall not have been discharged within three months from the date of such transaction;

    (b) any loan made in the ordinary course of business by a company, the ordinary business of which includes the lending of money;

    (c) a loan made by the company or any associated company to any officer of the company or associated company if the loan does not exceed two thousand pounds or two per centum of the stated capital of the company concerned, whichever is the less, and is certified by the directors of the company concerned to have been made in accordance with any practice adopted, or about to be adopted, by that company with respect to loans to such employees:

    Provided that paragraphs (b) and (c) of this subsection shall not include in either case a loan made by a company under a guarantee from or on security provided by any associated company.

    (4) References in this section to an associated company shall be taken as referring to any company which is an associated company at the end of the company's financial year, whether or not an associated company at the date of the transaction concerned.

    (5) Nothing in this section shall derogate from section 301 of this Code prohibiting loans by public companies to their directors or directors of their associated companies.