[F1F218(1)Subject to sub-paragraph (2), the company may only dispose of any of its property if—E+W+S
(a)there are reasonable grounds for believing that the disposal will benefit the company, and
(b)the disposal is approved by the committee established under paragraph 35(1) or, where there is no such committee, by the nominee.
(2)Sub-paragraph (1) does not apply to a disposal made in the ordinary way of the company’s business.
(3)If the company makes a disposal in contravention of sub-paragraph (1) otherwise than in pursuance of an order of the court—
(a)the company is liable to a fine, and
(b)if any officer of the company authorised or permitted the contravention, without reasonable excuse, he is liable to imprisonment or a fine, or both.]
Textual Amendments
F1Sch. A1 inserted (11.5.2001 so far as is necessary to give effect to Sch. A1 paras. 5, 45(1)-(3)(5) and 1.1.2003 in so far as not already in force) by 2000 c. 39, s. 1, Sch. 1 para. 4; S.I. 2001/1751, art. 2; S.I. 2002/2711, art. 2 (subject to transitional provisions in arts. 3-5)
F2Sch. A1 inserted (11.5.2001 so far as is necessary to give effect to Sch. A1 paras. 5, 45(1)-(3)(5) and 1.1.2003 in so far as not already in force) by 2000 c. 39, s. 1, Sch. 1 para. 4; S.I. 2001/1751, art. 2; S.I. 2002/2711, art. 2 (subject to transitional provisions in arts. 3-5)