Section 311

(1) No approval shall be required to be given under section 310 of 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.