362. Records of decisions by sole member

(1) This section applies to a company limited by shares or by guarantee that has only one member.
(2) Where the member takes any decision that—
(a) may be taken by the company in general meeting, and
(b) has effect as if agreed by the company in general meeting,
he must (unless that decision is taken by way of a written resolution) provide the company with details of that decision.
(3) If a person fails to comply with this section he commits a contravention of these Regulations.
(4) A person who commits the contravention referred to in subsection (3) shall be liable to a fine of up to level 4.
(5) Failure to comply with this section does not affect the validity of any decision referred to in subsection (2).