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of <h1>Company Directors Need Special Resolution for Major Transactions, Borrowing Beyond Capital, and Debt Extensions</h1> The Board of Directors of a company must obtain special resolution consent from the company to exercise certain powers. These include selling or leasing substantial company undertakings, investing compensation from mergers or amalgamations, borrowing beyond the company's paid-up capital and reserves, and extending repayment terms for director debts. Special resolutions must specify borrowing limits, and transactions must be in good faith to protect third-party interests. Conditions on proceeds from sales or leases can be stipulated, but must comply with capital reduction laws. Debts exceeding borrowing limits are invalid unless the lender proves good faith and ignorance of the limit breach.
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