(1)A charitable company may not do an act to which this section applies without the prior written consent of the Commission.
(2)This section applies to an act that—
(a)does not require approval under a listed provision of Chapter 4 of Part 10 of the Companies Act 2006 (transactions with directors) by the members of the company, but
(b)would require such approval but for an exemption in the provision in question that disapplies the need for approval on the part of the members of a body corporate which is a wholly-owned subsidiary of another body corporate.
(3)The reference to a listed provision is a reference to a provision listed in section 201(2).
(4)If a company acts in contravention of this section, the exemption referred to in subsection (2)(b) is to be treated as being of no effect in relation to the act.