C5Part 10A company's directors
Annotations:
Modifications etc. (not altering text)
Chapter 4Transactions with directors requiring approval of members
Loans, quasi-loans and credit transactions
I1C4C6214C1C2C3Loans etc: effect of subsequent affirmation
Where a transaction or arrangement is entered into by a company in contravention of section 197, 198, 200, 201 or 203 (requirement of members' approval for loans etc) but, within a reasonable period, it is affirmed—
a
in the case of a contravention of the requirement for a resolution of the members of the company, by a resolution of the members of the company, and
b
in the case of a contravention of the requirement for a resolution of the members of the company's holding company, by a resolution of the members of the holding company,
the transaction or arrangement may no longer be avoided under section 213.
Pts. 1-39 (except for Pt. 7 and ss. 662-669), 45-47 extended (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 2