| Commentary

60 Requirement for shareholders’ approval

| Commentary

2: SUBSTANTIAL PROPERTY TRANSACTIONS

60 Requirement for shareholders’ approval

A company may not generally enter into an arrangement under which:

  1. 60.1

        a director (including a shadow director) of the company (or of its holding company) acquires or is to acquire from the company (directly or indirectly) a substantial non-cash asset1; or

  2. 60.2

        the company acquires or is to acquire a substantial non-cash asset (directly or indirectly) from such a director

unless the shareholders have approved the arrangement by an ordinary resolution, or the arrangement is conditional on that approval being obtained2. If the director is a director of the company’s holding company,

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