Section 203(1)

A company may not— unless the arrangement in question has been approved by a resolution of the members of the company. take part in an arrangement under which— another person enters into a transaction that, if it had been entered into by the company, would have required approval under section 197, 198, 200 or 201, and that person, in pursuance of the arrangement, obtains a benefit from the company or a body corporate associated with it, or arrange for the assignment to it, or assumption by it, of any rights, obligations or liabilities under a transaction that, if it had been entered into by the company, would have required such approval,

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