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Can someone please explain me what does compensation for loss of office means ? What is loss of office ? .. its from the director chapter of f4 global .. It says that ” any director may receive non contractual or gratuitous payment compensation for loss of office paid to him voluntary is lawful only if approved by members in general meeting after proper disclosure has been made to all members whether voting or not ”
Kindly Please help me i have a paper next week …thanksThis is my first ever question asked in open tuition..please i need ur help 🙁 :, (
Sara, first things first – welcome to opentuition.
Secondly, when you post a question on the Ask the Tutor pages, you WILL get an answer. However, you have to accept that we too have our own lives to live and we don’t sit in front of the computer waiting for the next post! What I’m saying is “You need to be a little patient!”
We set our own targets of two days to answer posted questions, so I’m well within the time limit 🙂
“Loss of office” means that a director has just been voted off the board of directors and “compensation for loss of office” is an amount of cash paid to the director to compensate him / her for losing their position as a director.
Of course, when the director has just been voted off the board by the shareholders, they are not likely to be too keen to find that this undesirable director has now been paid a substantial sum by way of compensation and that’s why such compensation must be approved by members’ resolution
Hope that helps
Thank you so much mike … I am so thankful for the time you took to help me out with this question… it was really so kind and nice of you to reply me back so fast …..i really appreciate you and your work ..God Bless you Always …thanks once again 🙂 have a great day 🙂
hi mike thank you soooooo much once again …..i passed my f4 with 83 % ….:D i am so happy and thanks a lot 🙂
Sara, that’s a great score, well done.
I’ll happily accept your expressions of gratitude but I can’t believe that, by answering one question on loss of office, my input pushed you into the ’80s. That has to be put down to you and your own efforts
Again, well done. Now onwards and upwards
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