https://www.taxtmi.com/acts?id=15615 Board powers are limited: the board may act to dispose of the whole or substantially the whole of an undertaking, invest merger compensation otherwise than in trust securities, borrow beyond paid-up capital and free reserves (excluding ordinary temporary bank loans), or remit a director's debt only with the company's consent by special resolution; any special resolution for borrowing must specify the authorised total, bona fide purchasers and ordinary business disposals are protected, conditions on disposals and proceeds may be imposed subject to capital reduction rules, and excess debts are ineffective unless the lender proves good faith without knowledge of the breach. en-us Wed, 21 Dec 2011 18:21:57 +0530 Wed, 21 Dec 2011 18:21:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=15615 Board powers are limited: the board may act to dispose of the whole or substantially the whole of an undertaking, invest merger compensation otherwise than in trust securities, borrow beyond paid-up capital and free reserves (excluding ordinary temporary bank loans), or remit a director's debt only with the company's consent by special resolution; any special resolution for borrowing must specify the authorised total, bona fide purchasers and ordinary business disposals are protected, conditions on disposals and proceeds may be imposed subject to capital reduction rules, and excess debts are ineffective unless the lender proves good faith without knowledge of the breach. Act-Rules Bills Wed, 21 Dec 2011 18:21:57 +0530 https://www.taxtmi.com/acts?id=15615