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Company Law Enforcement Act, 2001

PART 9

Transactions Involving Directors

Amendment of section 25 of Act of 1990.

75.—Section 25 of the Act of 1990 is amended by the insertion of the following after subsection (3):

“(3A) For the purposes of this Part, a lease of land which reserves a nominal annual rent of not more than £10 is not a credit transaction where a company grants the lease in return for a premium or capital payment which represents the open market value of the land thereby disposed of by the company.”.