Payment to director for loss of office, etc., in connection with transfer of undertaking, property or shares
(1)
No director of a company shall, in connection with—
(a)
the transfer of the whole or any part of any undertaking or property of the company; or
(b)
the transfer to any person of all or any of the shares in a company being a transfer resulting from—
(i)
an offer made to the general body of shareholders;
(ii)
an offer made by or on behalf of some other body corporate with a view to a company becoming a subsidiary company of such body corporate or a subsidiary company of its holding company;
(iii)
an offer made by or on behalf of an individual with a view to his obtaining the right to exercise, or control the exercise of, not less than one-third of the total voting power at any general meeting of the company; or