Section 190(1)

A company may not enter into an arrangement under which— unless the arrangement has been approved by a resolution of the members of the company or is conditional on such approval being obtained. a director of the company or of its holding company, or a person connected with such a director, acquires or is to acquire from the company (directly or indirectly) a substantial non-cash asset, or the company acquires or is to acquire a substantial non-cash asset (directly or indirectly) from such a director or a person so connected, For the meaning of “substantial non-cash asset” see section 191.

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Source: legislation.gov.uk · retrieved 2026-09-04