267.Section 347G provides that, where the unauthorised transaction is entered into by a subsidiary incorporated outside Great Britain, the holding company is to have the rights of action set out in section 347F against the directors of the holding company at the time the transaction was entered into, jointly and severally, where the directors are shown to have failed to take all such steps as were reasonably open to them to prevent unauthorised transactions. Section 727 is also disapplied in this subsection.
Commentary on Sections Part IX : Political donations and expenditure by companies New Section 347G : Remedy for unauthorised donation or expenditure by non-GB subsidiary