61 Exceptions

There are various exceptions to the requirement for shareholder approval of substantial property transactions. For example, approval is not required for a transaction between a company and a person in his character as a member of that company (eg subscription by a director for shares in the company), or for a transaction between a holding company and its wholly-owned subsidiary, or two wholly-owned subsidiaries of the same holding company1. Approval is not required on the part of the members of a company that is in administration or is being wound up (unless it is a members’

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