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Chapter 2
Controls of directors
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Prohibition of tax-free payments to directors
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69. (1) It shall not be lawful for an ICAV to pay a director of the ICAV remuneration (whether as director or otherwise)—
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(a) free of income tax or the universal social charge, or
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(b) otherwise calculated by reference to or varying with the amount of the director’s income or to or with the rate of income tax.
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(2) Any provision contained in—
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(a) an ICAV’s instrument of incorporation,
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(b) any contract, or
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(c) any resolution of an ICAV or an ICAV’s directors,
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for payment to a director of remuneration in the manner referred to in subsection (1) shall have effect as if it provided for payment, as a gross sum subject to income tax or the universal social charge, of the net sum for which it actually provides.
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