17Transitional provisions

17 Transitional provisions

(1)  Notwithstanding the enactment of this Act, the Companies Act 1962, as in force immediately before the commencement of this section, applies to and in relation to a take-over scheme in respect of which a notice was given under section 184 (2) (a) of the Companies Act 1962 as in force immediately before the commencement of this section.

(2)  Subject to subsection (1) , the Companies Act 1962, as amended by this Act, applies to and in relation to anything done after the date of commencement of this section under or in connection with a scheme that is a take-over scheme within the meaning of section 184 of the Companies Act 1962, as in force before that date, whether or not the scheme was prepared before that date and whether or not anything was done in connection with the scheme before that date.

(3)  Where, before the commencement of this section, the directors of a company have reasonably incurred expenses on behalf of and in the interest of the members of the company in relation to a takeover scheme as defined in section 184 of the Companies Act 1962, being a takeover scheme involving the acquisition of shares in the company, the directors of the company are entitled, and shall be deemed to have been at all times entitled, to have the expenses refunded to them by the company.