444GA
In forceTransfer of shares
Volume 2Chapter 2L, Part 2L.1 to Chapter 5, Part 5.9 sections 283AA to 600K
Chapter 5External administration
Part 5.3AAdministration of a company’s affairs with a view to executing a deed of company arrangement
Division 10Execution and effect of deed of company arrangement
444GA Transfer of shares
(1)
The administrator of a deed of company arrangement may transfer shares in the company if the administrator has obtained:
(a)
the written consent of the owner of the shares; or
(b)
the leave of the Court.
(2)
A person is not entitled to oppose an application for leave under subsection (1) unless the person is:
(a)
a member of the company; or
(b)
a creditor of the company; or
(c)
any other interested person; or
(d)
ASIC.
(3)
The Court may only give leave under subsection (1) if it is satisfied that the transfer would not unfairly prejudice the interests of members of the company.
This Act’s bill:Explanatory memorandumSecond reading speech
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