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Multi Academy Trust Model for Church of England Schools
such rate not to exceed 2 per cent per annum below the base lending rate of a UK clearing bank selected by the Directors, or 0.5%, whichever is the higher.
6.3 A Director may benefit from any indemnity insurance purchased at the Company’s expense to cover the liability of the Directors which by virtue of any rule of law would otherwise attach to them in respect of any negligence, default or breach of trust or breach of duty of which they may be guilty in relation to the Company: provided that any such insurance shall not extend to:
(i) any claim arising from any act or omission which Directors knew to be a breach of trust or breach of duty or which was committed by the Directors in reckless disregard to whether it was a breach of trust or breach of duty or not; and,
(ii) provided also that any such insurance shall not extend to the costs of any unsuccessful defence to a criminal prosecution brought against the Directors in their capacity as directors of the Company.
Further, this Article does not authorise a Director to benefit from any indemnity insurance that would be rendered void by any provision of the Companies Act 2006, the Charities Act 2011 or any other provision of law.
6.4 A company, which has shares listed on a recognised stock exchange and of which any one Director holds no more than 1% of the issued capital of that company, may receive fees, remuneration or other benefit in money or money’s worth from the Company.
6.5 A Director may at the discretion of the Directors be reimbursed from the property of the Company for reasonable expenses properly incurred by him or her when acting on behalf of the Company, but excluding expenses in connection with foreign travel.
6.6 No Director may:
(a) buy any goods or services from the Company;
(b) sell goods, services, or any interest in land to the Company;
(c) be employed by, or receive any remuneration from the Company other than the Chief Executive Officer and Principals;
(d) receive any other financial benefit from the Company unless:
(i) the payment is permitted by Article 6.7 and the Directors follow the
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