SCHEDULES
SCHEDULE 15B PROVISIONS SUBJECT TO WHICH SS. 425–427 HAVE EFFECT IN THEIR APPLICATION TO MERGERS AND DIVISIONS OF PUBLIC COMPANIES
F1Securities other than shares to which special rights are attached
8
(1)
Where any security of a transferor company to which special rights are attached is held by a person other than as a member or creditor of the company, the court shall not sanction a compromise or arrangement under section 425(2) unless under the scheme that person is to receive rights in a transferee company of equivalent value.
(2)
Sub-paragraph (1) above shall not apply in the case of any such security where—
(a)
the holder has agreed otherwise; or
(b)
the holder is, or under the scheme is to be, entitled to have the security purchased by a transferee company involved in the scheme on terms which the court considers reasonable.