s 348
In forceSupreme Court need not approve compromise or arrangement takeovers
Part 13Arrangements and reconstructions
Division 1General requirements
348 Supreme Court need not approve compromise or arrangement takeovers
(1)
The Supreme Court need not approve a compromise or arrangement unless —
(a)
it is satisfied that the compromise or arrangement has not been proposed for the purpose of enabling any person to avoid the operation of any of the provisions of Part 11 Division 2; and
(b)
there is produced to the Supreme Court a statement in writing by the Registrar stating that the Registrar has no objection to the compromise or arrangement.
(2)
The Supreme Court need not approve a compromise or arrangement merely because a statement by the Registrar stating that the Registrar has no objection to the compromise or arrangement has been produced to the Supreme Court.
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