MENU

Section 111 of The Companies Act No. 17 of 2015: Employers' rights of recovery under pension scheme or employees' share scheme

    

(1) For purposes of section 110, if shares in a company are held in trust for
the purposes of a pension scheme or an employees' share scheme, of any charge
security right or lien on, or set-off against, any benefit or other right or interest
under the scheme is to be disregarded for the purpose of enabling the employer or
former employer of a member of the scheme to obtain the discharge of a monetary
obligation due from the member to the employer or former employer.
(2) In the case of a trust for the purposes of a pension scheme, any right—
(a) to receive from the trustee of the scheme; or
(b) as trustee of the scheme to retain, an amount that can be recovered
or retained or otherwise as reimbursement or partial reimbursement
for any contributions equivalent to the premiums paid in connection
with the scheme is to be disregarded.
(3) For the purpose of this section, a director of a company is to be regarded
as an employee of the company.

« Previous:   Section 110 - Interest to be disregarded: residual interest under pension scheme or employees’ share scheme          Next: »   Section 112 - Subsidiary acting as authorised dealer in securities

Disclaimer: This document is not to be taken as legal advise.

Enhance Your Research with Bookmarks and Annotations

Here's how you can use these features:

  • To bookmark this page, click the "Bookmark this Page" button below the document title.
  • To add an annotation, highlight text in the document and select "Add Annotation" from the toolbar that appears.
  • These features are great for organizing your research and keeping track of key information.
  • You can view and manage your bookmarks and annotations on your Bookmarks and Annotations page.

Cited By:

More Sections