(1) Approval is not required under section 197, 198 or 200 for—
(a) the making of a loan or quasi-loan to an associated body corporate, or
(b) the giving of a guarantee or provision of security in connection with a loan or quasi-loan made to an associated body corporate.
(2) Approval is not required under section 201—
(a) to enter into a credit transaction as creditor for the benefit of an associated body corporate, or
(b) to give a guarantee or provide security in connection with a credit transaction entered into by any person for the benefit of an associated body
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Who is a fiduciary?There is no comprehensive list of the relationships which give rise to the existence of fiduciary duties under common law. Some relationships are automatically fiduciary, eg those between trustee and beneficiary, solicitor and client, principal and agent, business partner and
ContractWhere a contract is made by two or more parties it may contain a promise or obligation made by two or more of those parties. Any such promise may be:•joint•several, or•joint and severalWhether an undertaking is joint, several, or joint and several in contract is a question of construction
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On the disposition of a property (whether by way of conveyance, transfer or charge), the party making the disposition will normally provide a title guarantee which implies standard form covenants for title. A landlord may give a title guarantee when granting a lease, but this is rare in practice.
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