436

Ch. 31. No. 1.) Companies.

 

Power to
acquire
shares of
shareholders
dissenting
from scheme
or contract
approved by
majority.

(f) such incidental, consequential and supplemental
matters as are necessary to secure that the recon-
struction or amalgamation shall be fully and effectively
carried out.

(2) Where an order under this section provides for
the transfer of property or liabilities, that property shall,
by virtue of the order, be transferred to and vest in, and those
abilities shall, by virtue of the order, be transferred to and
become the liabilities of, the transferee company, and in the
case of any property, if the order so directs, freed from any
charge which is by virtue of the compromise or arrangement
to cease to have effect.

(3) Where an order is made under this section,
every company in relation to which the order is made shall
cause a 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.

(+) In this section the expression ‘ property ”’
includes property, rights and powers of every description,
and the expression “‘ habilities ’’ 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. (1) Where a scheme or contract involving the trans-
{cr 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