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Section 175 of The Companies Act No. 17 of 2015: Other relevant transactions or arrangements

    

(1) This section has effect for determining what are "other relevant transactions or arrangements" for the purposes of an exception to section 164, 165, 166 or 167.
(2) In subsections (3) to (6), "the relevant exception" means the exception for the purposes of which that exception is to be determined.
(3) Other relevant transactions or arrangements are those previously entered into, or entered into at the same time as the transaction or arrangement in relation to which the conditions set out in subsections (4) to (6) are satisfied.
(4) If the transaction or arrangement is entered into—(a) for a director of the company entering into it; and
(b) for a person connected with such a director, the conditions are that the transaction or arrangement was entered into for that director, or a person connected with the director, because of the relevant exception by that company or by any of its subsidiaries.
(5) If the transaction or arrangement is entered into—
(a) for a director of the holding company of the company that enters into it;; and
(b) for a person connected with such a director, the conditions are that the transaction or arrangement was (or is) entered into for that director, or a person connected with the director, because of the relevant exception by that company or by any of its subsidiaries.
(6) A transaction or arrangement entered into by a company that at the time it was entered into—
(a) was a subsidiary of the company entering into the transaction or arrangement; and
(b) was a subsidiary of that company's holding company, is not a relevant transaction or arrangement if, at the time the question arises whether the relevant transaction or arrangement is within a relevant exception, it is no longer such a subsidiary.

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

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