435Transfer of shares pursuant to compulsory acquisition

435 Transfer of shares pursuant to compulsory acquisition

(1) A transferee who has given a compulsory acquisition notice must:

(a) send a copy of the notice to the transferor together with an instrument of transfer for the shares the transferee is entitled to acquire under this Division and executed, on the shareholder’s behalf, by a person appointed by the transferee and, on the transferee’s own behalf, by the transferee; and

(b) pay, allot or transfer to the transferor the consideration for the shares.

(2) The transferee must do so within 14 days after whichever of the following happens last:

(a) the period of 28 days after the day on which the compulsory acquisition notice was given ends;

(b) the period of 14 days after a statement of the names and addresses of dissenting shareholders is supplied under this Division ends;

(c) if an application has been made to the Supreme Court by a dissenting shareholder—the application is disposed of.

(3) When the transferee has complied with this section, the transferor must register the transferee as the holder of the shares.

(4) This section does not apply if the Supreme Court, on the application of the dissenting shareholder, orders to the contrary.