Part 10A company’s directors

Chapter 4Transactions with directors requiring approval of members

Substantial property transactions

192Exception for transactions with members or other group companies

Approval is not required under section 190 (requirement of members' approval for substantial property transactions)—

(a)

for a transaction between a company and a person in his character as a member of that company, or

(b)

for a transaction between—

(i)

a holding company and its wholly-owned subsidiary, or

(ii)

two wholly-owned subsidiaries of the same holding company.