Companies Act 2014 section 1120

Application of sections 310 to 313

Section 1120 adapts the disclosure rules in sections 310 to 313 so that they apply to a public limited company (PLC) that is itself a credit institution preparing financial statements, not just to a holding company of a credit institution.

• Sections 310 to 313, which govern disclosure of directors' transactions by credit institutions, are extended to apply to a PLC that is itself a credit institution preparing financial statements.
• This adaptation does not displace the original application of those sections where the holding company of the company concerned is a PLC credit institution, or where both the holding company and the company concerned are credit institutions.
• Any exemptions or requirements under sections 310 to 313 covering transactions with persons connected to directors of a holding company, or officers of the PLC, apply equally to transactions with persons connected to directors of the PLC itself.
• Section 312(3) to (6) does not apply to a credit institution that is a wholly owned subsidiary of a company incorporated in the State.