C5Part 10A company's directors

Annotations:
Modifications etc. (not altering text)

Chapter 4Transactions with directors requiring approval of members

Substantial property transactions

I1C4C6196C1C2C3Property transactions: effect of subsequent affirmation

Where a transaction or arrangement is entered into by a company in contravention of section 190 (requirement of members' approval) but, within a reasonable period, it is affirmed—

a

in the case of a contravention of subsection (1) of that section, by resolution of the members of the company, and

b

in the case of a contravention of subsection (2) of that section, by resolution of the members of the holding company,

the transaction or arrangement may no longer be avoided under section 195.