COMPANIES ACT - 1963 (ACT 179)

    Section - 206 - Consent of Company

    (1) For the purposes of section 205 of this Code the company shall not be deemed to have consented unless, after full disclosure of all material facts, including the nature and extent of any interests of the directors, the transaction concerned shall have been specifically authorised by an ordinary resolution of the company which shall either have been agreed to by all the members of the company entitled to attend and vote at a general meeting or have been passed at a general meeting at which neither the director concerned nor the holders of any shares in which he is beneficially interested, either directly or indirectly, shall have voted as members on such resolution.

    (2) Consent in accordance with subsection (1) of this section may be given either before or after the occurrence of the transaction to which it relates:

    Provided that a resolution of the company ratifying a transaction or series of related transactions which has already taken place shall not be effective for the purposes of such subsection unless it was passed not later than fifteen months after the date when the transaction or first of such transactions took place.