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Companies Act 2006

Approval required

393.Section 281(3) applies so that the member approval required is an ordinary resolution, but the company’s articles may require a higher majority or even unanimity

394.Where approval for a transaction or arrangement is required under more than one set of rules in Chapter 4, all relevant sets of rules should apply, unless otherwise provided (section 225). For example, if the matter involves both a substantial property transaction and a loan, approval should be required under section 190 and under section 197 unless in each case a relevant exemption applies. Approval may be given for both purposes by a single resolution.

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