(1) This section applies to a company if it is—
(a) a public company, or
(b) a company associated with a public company.
(2) A company to which this section applies may not—
(a) make a quasi-loan to a director of the company or of its holding company, or
(b) give a guarantee or provide security in connection with a quasi-loan made by any person to such a director,
unless the transaction has been approved by a resolution of the members of the company.
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