Part 10Charitable companies etc.
Acts requiring Commission consent
201Consent of Commission required for approval etc. by members of charitable companies
1
In the case of a charitable company, each of the following is ineffective without the prior written consent of the Commission—
a
any approval given by the members of the company under any provision of Chapter 4 of Part 10 of the Companies Act 2006 (transactions with directors requiring approval by members) listed in subsection (2), and
b
any affirmation given by members of the company under section 196 or 214 of the 2006 Act (affirmation of unapproved property transactions and loans).
2
The provisions of the 2006 Act are—
a
section 188 (directors' long-term service contracts);
b
section 190 (substantial property transactions with directors etc.);
c
section 197, 198 or 200 (loans and quasi-loans to directors etc.);
d
section 201 (credit transactions for benefit of directors etc.);
e
section 203 (related arrangements);
f
section 217 (payments to directors for loss of office);
g
section 218 (payments to directors for loss of office: transfer of undertaking etc.).
202Consent of Commission required for certain acts of charitable company
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.