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of <h1>Section 192: shareholder approval required for directors' non-cash asset deals, or offending transactions risk being voidable</h1> Section 192 restricts non-cash transactions between a company and its directors or connected persons involving acquisition of assets for consideration other than cash. Such arrangements require prior approval by a resolution in a general meeting of the company, and additionally of the holding company where the director or connected person is a director there. The meeting notice must disclose full particulars of the arrangement and asset values, certified by a registered valuer. Transactions made in contravention are voidable at the company's instance, except where restitution is impossible and the company is indemnified, or where third parties have in good faith acquired rights for value without notice of the contravention.
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