Section 384 CAMA 2020
Section 384 Companies and Allied Matters Act is about Disclosure of loans to officers of the company and statements of amounts outstanding.Third Schedule. It is under Chapter 14 (Financial statements, audit and accounting records) of the Act.
(1) The group financial statements of a holding company for a year shall comply with Part II of the Third Schedule to this Act, so far as applicable, as regards transactions, arrangements and agreements made by the company or its subsidiary for persons who at any time during that year were officers of the company but not directors.
(2) In the case of a company other than a holding company, its individual accounts shall comply with Part II of the Third Schedule to this Act so far as applicable, as regards matters contained therein.
(3) Subsections (1) and (2) do not apply in relation to any transaction or agreement made by a recognised bank for any of its officers or for any of the officers of its holding company.
(4) Particulars required by Part II of the Third Schedule to be in any account shall be given by way of notes to the accounts.
(5) Where by virtue of section 379 (2) or (3), a company does not prepare group financial statements for a year, it shall disclose this fact in its individual financial statements as required by subsection (1).
