185. Property transactions: effect of subsequent affirmation

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).