Power of liquidator to accept shares, etc., as consideration for sale of property of company.

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..... rse of being, wound-up altogether voluntarily; and (b) the whole or any part of its business or property is proposed to be transferred or sold to another company, whether a company within the meaning of this Act or not (in this section called "the transferee company"); the liquidator of the transferor company may, with the sanction of a special resolution of that company conferring on the .....

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..... f the special resolution expresses his dissent therefrom in writing addressed to the liquidator, and left at the registered office of the company within seven days after the passing of the resolution, he may require the liquidator either (a) to abstain from carrying the resolution into effect; or (b) to purchase his interest at a price to be determined by agreement, or by arbitration .....

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..... ject-matter of the arbitration, shall apply to all arbitrations in pursuance of this section. -------------------------------------- Notes:- [1] Substituted for "or subject to the supervision of the Court" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. [2] Substituted for "Court" by the Companies (Second Amendment) Act, 2002, w.e.f. a d .....

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