Where the restricted activity is a transaction or arrangement otherwise prohibited by section 82(2) or 239, the declaration shall state: (a) the circumstances in which the transaction or arrangement is to be entered into; (b) the nature of the transaction or arrangement; (c) the person or persons to or for whom it is to be made; (d) the purpose for which the company is entering into it; (e) the nature of the benefit which will accrue to the company directly or indirectly from entering into it; and (f) that the declarants have made a full inquiry into the affairs of the company and that, having done so, they have formed the opinion that the company, having entered into the transaction or arrangement (the relevant act), will be able to pay or discharge its debts and other liabilities in full as they fall due during the period of 12 months after the date of the relevant act.

For the purposes of such a declaration, the declarants shall not be required to assume that the company will be called upon to pay moneys on foot of a guarantee given or that security given will be realised. A copy of the declaration shall be delivered to the Registrar not later than 21 days after the date on which the carrying on of the restricted activity is commenced. On application to it by any interested party, where there has been a failure to comply with that filing requirement, the court may declare that the carrying on of the restricted activity shall be valid for all purposes if it is satisfied that it would be just and equitable to do so.