Where a transaction or arrangement is entered into by a company in contravention of section 197, 198, 200, 201 or 203 (requirement of members' approval for loans etc) but, within a reasonable period, it is affirmed—
(a) in the case of a contravention of the requirement for a resolution of the members of the company, by a resolution of the members of the company, and
(b) in the case of a contravention of the requirement for a resolution of the members of the company's holding company, by a resolution of the members of the holding company,
the transaction or
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