(a) make a loan to a director of the company or of its holding company, or
(b) give a guarantee or provide security in connection with a loan made by any person to such a director,
unless the transaction has been approved by a resolution of the members of the company.
(2) If the director is a director of the company's holding company, the transaction must also have been approved by a resolution of the members of the holding company.
(3) A resolution approving a transaction to which this section applies must not be passed unless a memorandum setting out the matters mentioned in subsection (4) is made available to members -
(a) in the case of a written resolution, by being sent or submitted to every eligible member at or before the time at which the proposed resolution is sent or submitted to him;
(b) in the case of a resolution at a meeting, by being made available for inspection by members of the company both -
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