Related-party transaction exemption expanded when nearly all members are relatives; voidability lies with board or shareholders.

Amendment to section 188 adds a proviso excluding the second proviso where a very large majority of members are relatives of promoters or related parties, and replaces the phrase making transactions "voidable at the option of the Board" with language making them "voidable at the option of the Board or, as the case may be, of the shareholders," thereby granting shareholders express authority to void such transactions.

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