(1) The following conditions must have been complied with—
(a) the terms of the agreement must have been approved by an ordinary resolution of the company,
[(b) copies of the valuer's report must have been circulated to the members entitled to notice of the meeting at which the resolution is proposed, not later than the date on which notice of the meeting is given, and]
(c) a copy of the proposed resolution must have been sent to the other party to the proposed agreement.
(2) The reference in subsection (1)(c) to the other party to the proposed agreement is to the person referred to in section 598(1)(a).
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