Section 192 | Exception for transactions with members or other group companies

Approval is not required under section 190 (requirement of members' approval for substantial property transactions)—

(a)for a transaction between a company and a person in his character as a member of that company, or

(b)for a transaction between—

(i)a holding company and its wholly-owned subsidiary, or

(ii)two wholly-owned subsidiaries of the same holding company.