CAP. 32]
[s. 152 cont.]
Power to acquire
shares of shareholders dissenting
from
scheme or contract approved by majority. 19 & 20 Geo. 5.
Companies.
(3) Where an order is made under this section, every company in relation to which the order is made shall cause an office copy thereof to be delivered to the Registrar for registration within seven days after the making of the order, and if default is made in complying with this subsection, the company and every officer of the company who is in default shall be liable to a default fine.
(4) In this section the expression property includes property, rights and powers of every description, and the expression liabilities includes duties.
(5) Notwithstanding the provisions of subsection (5) of the last foregoing section, the expression company in this section does not include any company other than a company within the meaning of this Ordinance.
[153
153. (1) Where a scheme or contract involving the transfer of shares or any class of shares in a company (in this section referred to as the transferor company) to another company, whether a company within the meaning of this Ordinance or not (in this section referred to as the transferee company) has within four months after the making of the offer in that behalf by the transferee company been approved by the holders of not less than nine-tenths in value of the shares affected, the transferee company may, at any time within two months after the expiration of the said four months, give notice in the prescribed manner to any dissenting shareholder that it desires to acquire his shares, and where such a notice is given the transferee company shall, unless on an application made by the dissenting shareholder within one month from the date on which the notice was given the court thinks fit to order otherwise, be entitled and bound to acquire those shares on the terms on which under the scheme or contract the shares of the approving shareholders are to be transferred to the transferee company.
(2) Where a notice has been given by the transferee company under this section and the court has not, on an application made by the dissenting shareholder, ordered to the contrary, the transferee company shall, on the expiration of one month from the date on which the notice has been given,
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