197. Exceptions for intra-group 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) the making of a loan or quasi-loan to an associated body corporate, or
(b) the giving of a guarantee or provision of security in connection with a loan or quasi-loan made to an associated body corporate.
(2) Approval is not required under section 190 (credit transactions)—
(a) to enter into a credit transaction as creditor for the benefit of an associated body corporate, or
(b) to give a guarantee or provide security in connection with a credit transaction entered into by any person for the benefit of an associated body corporate.