Section 311 CAMA 2020

Section 311 Companies and Allied Matters Act is about Exceptions from section 310. It is under Chapter 11 (Directors) of the Act.

(1) No approval shall be required to be given under section 310of this Act by any body corporate unless it is a company within the meaning of this Act, or if it is a wholly-owned subsidiary of anybody corporate.

(2) Section 309 of this Act does not apply to an arrangement for the acquisition of a non- cash asset if—

(a) the asset is to be acquired by a holding company from any of its wholly- owned subsidiaries or from a holding company by any of its wholly-owned subsidiary of a holding company from another wholly-owned subsidiary of that same holding company ; or

(b) the arrangement is entered into by a company which is being wound up, unless the winding-up is a member’s voluntary winding-up.

(3) Section 310 (1) (a) does not apply to an arrangement whereby a person is to acquire an asset from a company of which he is a member, if the arrangement is made with that person in his character as a member.