19Limitation on sale, &c., of assets

19 Limitation on sale, &c., of assets

(1)  The Company may not sell or otherwise dispose of the whole or a substantial part of its assets unless the sale or disposal is approved by each House of Parliament.

(2)  For the purposes of subsection (1) , a sale or disposal is approved by a House of Parliament –

(a) when the House passes a motion approving the sale or disposal; or

(b) at the end of 5 sitting days after notice of the sale or disposal was laid before the House if no notice of a motion to disapprove the sale or disposal is before the House; or

(c) if any such notice is before the House at the end of that period, when the first of the following occurs:

(i) the notice is withdrawn;

(ii) the motion is negatived;

(iii) a further period of 5 sitting days ends.