When valuing shares for a compulsory buy-out order under s 233 of the Corporations Act 2001 (Cth), notional selling expenses and income tax on hypothetical sale of the company's assets should not be deducted where the company is a going concern with no proved intention to sell the assets, and where the investment could be realised by sale of shares rather than sale of assets. Section 248B of the Corporations Act applies to a company whose constitution requires two or more directors if only one director remains in office and the company has an article permitting directors to fill casual vacancies.
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