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185. Property Transactions: Effect Of Subsequent Affirmation

Past version: effective from 29/04/2020 - 28/04/2020
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Where a transaction or arrangement is entered into by a company in contravention of section 179 (substantial property transactions) 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 184 (property transactions: consequences of contravention).