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Restriction on non-cash transactions: prior general meeting approval required for director-related asset transfers, else arrangements are voidable. Restriction on non-cash transactions bars a company from entering asset arrangements for non-cash consideration with a director or a person connected to a director of the company or its holding, subsidiary or associate unless prior approval is obtained by resolution in the company's general meeting (and by the holding company where applicable). Notices for such approvals must state arrangement particulars and asset values calculated by a registered valuer. Contravening arrangements are voidable by the company, except where restitution is impossible and indemnity is provided, or where rights were acquired bona fide for value without notice.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
<h1>Restriction on non-cash transactions: prior general meeting approval required for director-related asset transfers, else arrangements are voidable.</h1> Restriction on non-cash transactions bars a company from entering asset arrangements for non-cash consideration with a director or a person connected to a director of the company or its holding, subsidiary or associate unless prior approval is obtained by resolution in the company's general meeting (and by the holding company where applicable). Notices for such approvals must state arrangement particulars and asset values calculated by a registered valuer. Contravening arrangements are voidable by the company, except where restitution is impossible and indemnity is provided, or where rights were acquired bona fide for value without notice.
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