Due to a recession in trade, HancockConfectionary Ltd decides to sell its wholly owned subsidiary, Nougat LtD、Nougat Ltd constitutes the greater part of HancockConfectionary Ltd’s business. Garry, a director of both HancockConfectionary Ltd and Nougat Ltd, agrees with the chief accountant of Nougat Ltd that they will together buy the subsidiary from HancockConfectionary Ltd for R500 000.Required:Discuss the provisions of company law that apply to this transaction. (10 marks)