(1) A company may not—
(a) make a loan to a director of the company or of its holding company, or
(b) give a guarantee or provide security in connection with a loan made by any person to such a director,
unless the transaction has been approved by a resolution of the members of the company.
(2) If the director is a director of the company's holding company, the transaction must also have been approved by a resolution of the members of the holding company.
(3) A resolution approving a transaction to which this section applies must not be passed unless
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