Prohibition on Advances and Loans. 4.1.1. The company may not advance or lend money to officers or directors of the company. Section 402 of the Xxxxxxxx-Xxxxx Act of 2002 prohibits public companies from making or arranging personal loans to their executive officers or directors. Furthermore, any loan or advance of money is subject to Section 96 of the Bermuda Companies Act.
Appears in 8 contracts
Samples: Employment Agreement, Employment Agreement (Peak International LTD), Employment Agreement (Peak International LTD)
