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Companies — disposal of assets — when approval of shareholders required — disposal of greater part of assets of company — need for approval when over half of assets disposed of
The prior approval of shareholders is required before the directors of acompany may dispose of the undertaking of the company or of the whole or the greater part of the assets of the company. In this context, "undertaking" means a business or enterprise; and "the greater part of the assets" means anything over a half of the assets.
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