202. Loans etc.: effect of subsequent affirmation
Where a transaction or arrangement is entered into by a company in contravention of section 186 (loans to directors), 187 (quasi-loans to directors), 189 (loans or quasi-loans to persons connected with directors), 190 (credit transactions) or 192 (related arrangements) but, within a reasonable period, it is affirmed—
the transaction or arrangement may no longer be avoided under section 201 (loans etc.: consequences of contravention).