Practical Law: Summary Approval Procedure under Chapter 7 of Part 4 of the Companies Act 2014
This note gives an outline of summary approval procedure (SAP) under Chapter 7 of Part 4 of the Companies Act 2014 (CA 2014).
The SAP is a streamlined approval process used to validate certain transactions which would otherwise be prohibited under the CA 2014. This note looks at what those restricted transactions are and who may use the SAP. The note considers the steps involved in the SAP, the potential liability for directors and the statutory filings needed with the Registrar of Companies (Registrar) (also interchangeably referred to as the Companies Registration Office (CRO).
Read the full practice note here.
Reproduced with the permission of Thomson Reuters, this article was first published in Practical Law.