(1) This section applies where a company enters into a transaction or arrangement in contravention of section 197, 198, 200, 201 or 203 (requirement of members' approval for loans etc).
(2) The transaction or arrangement is voidable at the instance of the company, unless—
(a) restitution of any money or other asset that was the subject matter of the transaction or arrangement is no longer possible,
(b) the company has been indemnified for any loss or damage resulting from the transaction or arrangement, or
(c) rights acquired in good faith, for value and without actual notice of the contravention by a person who is not a party to the transaction or arrangement would be affected by the avoidance.
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