substantial property

substantial property
The acquisition or disposal of a non-cash asset for the requisite value from a company by one of its directors. Subject to certain exceptions, shareholders' approval is required. The requisite value is defined in the Companies Act 1985 as more than ₤100,000 or 10% of the company's asset value. Assets less than ₤2,000 are ignored (section 320 Companies Act 1985).

Easyform Glossary of Law Terms. — UK law terms.

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