Section 767(3)

A contravention of section 761 does not affect the validity of a transaction entered into by the company, but if a company— the directors of the company are jointly and severally liable to indemnify any other party to the transaction in respect of any loss or damage suffered by him by reason of the company's failure to comply with its obligations. enters into a transaction in contravention of that section, and fails to comply with its obligations in connection with the transaction within 21 days from being called on to do so,

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