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Companies Act 1985
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- UK Public General Acts
- 1985 c. 6
- SCHEDULE 15B
- Paragraph 8
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Changes over time for: Paragraph 8
Version Superseded: 06/04/2008
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- 01/02/1991- Amendment
- 01/12/2003
Point in time - 06/04/2008- Amendment
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Securities other than shares to which special rights are attachedE+W+S
[F18(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.]
Textual Amendments
F1Sch. 15A (old) inserted by S.I. 1987/1991, reg. 2(c), Sch. Pt. II
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