Section 201(2)

A company to which this section applies may not— unless the transaction (that is, the credit transaction, the giving of the guarantee or the provision of security, as the case may be) has been approved by a resolution of the members of the company. enter into a credit transaction as creditor for the benefit of a director of the company or of its holding company, or a person connected with such a director, or give a guarantee or provide security in connection with a credit transaction entered into by any person for the benefit of such a director, or a person connected with such a director,

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