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Companies Act 2006
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194Exception for transactions on recognised investment exchange
This section has no associated Explanatory Notes
(1)Approval is not required under section 190 (requirement of members' approval for substantial property transactions) for a transaction on a recognised investment exchange effected by a director, or a person connected with him, through the agency of a person who in relation to the transaction acts as an independent broker.
(2)For this purpose—
(a)“independent broker” means a person who, independently of the director or any person connected with him, selects the person with whom the transaction is to be effected; and
(b)“recognised investment exchange” has the same meaning as in Part 18 of the Financial Services and Markets Act 2000 (c. 8).
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