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compensation for loss of office

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › compensation for loss of office

  • This topic has 1 reply, 2 voices, and was last updated 9 years ago by MikeLittle.
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  • November 16, 2015 at 2:40 pm #282865
    syed ali
    Member
    • Topics: 92
    • Replies: 54
    • ☆☆

    gratuitous payments must be disclosed to all members and approved by oridinary resolution.if not approved director holds payment on trust for the company
    mike please explain gratuitous payment and also whole statement

    November 16, 2015 at 4:09 pm #282879
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    A gratuitous payment is a payment that hasn’t been earned. Michel Platini is alleged to have received all that money from FIFA gratuitously although he says it was for work that he did many years previously……(I’m hoping my former employers will pay me $millions for work that I did for them many years ago)

    If such a payment is made to a director that hasn’t been approved by the members then the director may be called upon to return the money

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