Commentary Chapter 7: Directors’ Liabilities
425.The sections in this Chapter (sections 232 to 239) deal with two matters:
	they restate sections 309A to 309C of the 1985 Act (provisions relating to directors’ liability). The only substantive changes to those sections are a new provision permitting companies to indemnify the directors of companies acting as trustees of occupational pension schemes (section 235), the creation of a right for members to request a copy of a qualifying third party indemnity provision (section 238(2)), the removal of criminal liability on the part of the company for failures to comply with the requirements of section 237 (copy of qualifying indemnity provision to be available for inspection), provision for regulations to specify places in addition to the registered office where inspection may take place (section 237(3)) and a requirement for all qualifying indemnity provisions to be retained by a company for at least one year after they have expired (section 237(4));
	they introduce a substantive reform of the law on ratification of acts giving rise to liability on the part of a director (section 239).