195 Property transactions: civil consequences of contravention
Companies Act 2006 (2006 c 46) | Legislation

195  Property transactions: civil consequences of contravention

(1)     This section applies where a company enters into an arrangement in contravention of section 190 (requirement of members' approval for substantial property transactions).

(2)     The arrangement, and any transaction entered into in pursuance of the arrangement (whether by the company or any other person), is voidable at the instance of the company, unless—

(a)     restitution of any money or other asset that was the subject matter of the arrangement or transaction is no longer possible,

(b)     the company has been indemnified in pursuance of this section by any other persons for the loss or damage suffered by it, or

(c)     rights acquired in good faith,

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