CO-OPERATIVES ACT 2009 (NO. 24 OF 2009) - SECT 355
CO-OPERATIVES ACT 2009 (NO. 24 OF 2009) - SECT 355
355 . Acquisition of shares pursuant to notice to dissenting shareholder
(1) The transferee
under the scheme or contract may, within 2 months after the offer is
approved, give notice as prescribed by the regulations (a compulsory
acquisition notice ) to a dissenting shareholder that the transferee wishes to
acquire the shares held by that shareholder.
(2) If a compulsory
acquisition notice is given, the dissenting shareholder may, by written notice
given to the transferee within one month after the day on which the compulsory
acquisition notice was given, ask for a statement in writing of the names and
addresses of all other dissenting shareholders as shown in the register of
members and the transferee must give that statement.
(3) Having given the
compulsory acquisition notice, the transferee is, unless the Supreme Court
orders to the contrary, entitled and bound to acquire the shares of the
dissenting shareholder on the terms on which, under the scheme or contract,
the shares of the approving shareholders are to be transferred to the
transferee.
(4) The Supreme Court
may give an order to the contrary only on the application of the dissenting
shareholder made within the later of 28 days after the compulsory
acquisition notice was given or within 14 days after a statement asked
for under subsection (2) was given.
(5) If alternative
terms are offered to the approving shareholders —
(a) the
dissenting shareholder is entitled to elect which of those terms are preferred
but must make the election within the time allowed for making an application
to the Supreme Court under subsection (4); and
(b) if
the dissenting shareholder fails to make the election within the time, the
transferee may, unless the Supreme Court orders otherwise, decide which of the
terms is to apply to the acquisition of the shares of the dissenting
shareholder.