196. Exceptions for minor and business transactions

(1) Approval is not required under section 186 (loans to directors), 187 (quasi-loans to directors) or 189 (loans or quasi-loans to persons connected with directors) for a company to make a loan or quasi-loan, or to give a guarantee or provide security in connection with a loan or quasi-loan, if the aggregate of—
(a) the value of the transaction, and
(b) the value of any other relevant transactions or arrangements,
does not exceed 10,000 US dollars.
(2) Approval is not required under section 190 (credit transactions) for a company to enter into a credit transaction, or to give a guarantee or provide security in connection with a credit transaction, if the aggregate of—
(a) the value of the transaction (that is, of the credit transaction, guarantee or security), and
(b) the value of any other relevant transactions or arrangements,
does not exceed 15,000 US dollars.
(3) Approval is not required under section 190 (credit transactions) for a company to enter into a credit transaction, or to give a guarantee or provide security in connection with a credit transaction, if—
(a) the transaction is entered into by the company in the ordinary course of the company's business, and
(b) the value of the transaction is not greater, and the terms on which it is entered into are not more favourable, than it is reasonable to expect the company would have offered to, or in respect of, a person of the same financial standing but unconnected with the company.