Section 194 | Exception for transactions on recognised investment exchange

(1)Approval is not required under section 190 (requirement of members' approval for substantial property transactions) for a transaction on a recognised investment exchange effected by a director, or a person connected with him, through the agency of a person who in relation to the transaction acts as an independent broker.

(2)For this purpose—

(a)“independent broker” means a person who, independently of the director or any person connected with him, selects the person with whom the transaction is to be effected; and

(b)“recognised investment exchange” has the same meaning as in Part 18 of the Financial Services and Markets Act 2000 (c. 8).