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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 statementA 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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