A shareholder seeking to inspect company books under s 247A in the context of a proposed scheme of arrangement may obtain inspection of board papers where the independent expert has reviewed those papers in preparing a valuation report, departing from the general rule that inspection is confined to the results of directors' decisions. The good faith and proper purpose requirements of s 247A are assessed objectively as a composite notion, and a shareholder's desire to ascertain whether the price offered for its shares is fair and reasonable constitutes a proper purpose. An application under s 247A may be heard in a court other than the court seized of the s 411 scheme proceedings where urgency requires it, but this should not be treated as a general practice.
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