s 196 Property transactions: effect of subsequent affirmation
Where a transaction or arrangement is entered into by a company in contravention of section 190 (requirement of members' approval) but, within a reasonable period, it is affirmed— (a) in the case of a contravention of subsection (1) of that section, by resolution of the members of the company, and (b) in the case of a contravention of subsection (2) of that section, by resolution of the members of the holding company, the transaction or arrangement may no longer be avoided under section 195.