28Limitations on members of Company

28 Limitations on members of Company

(1)  A member of the Company must not sell or otherwise dispose of the shares held by that member.

(1A)  [Section 28 Subsection (1A) inserted by No. 20 of 2025, s. 18, Applied:27 Nov 2025] If an Act intends to amend or repeal subsection (1) , that Act is of no effect unless a motion that approves the proposed amendment or repeal has first been passed by at least two-thirds of the members of each House of Parliament.

(2)  A member of the Company must not vote at a meeting of the shareholders of the Company to allow the Company to –

(a) offer shares in the Company for subscription; or

(b) invite persons to subscribe for shares in the Company; or

(c) allot or issue shares in the Company on a basis other than to existing shareholders pro rata to their existing shareholding.

(3)  A member of the Company may not sell or otherwise dispose of the whole or a substantial part of the Company's undertaking or assets unless the sale or disposal is approved by each House of Parliament.

(4)  For the purposes of subsection (3) , a sale or disposal is approved by a House of Parliament –

(a) when the House passes a motion approving the sale or disposal; or

(b) at the end of 5 sitting-days after notice of the sale or disposal was laid before the House, if no notice of a motion to disapprove the sale or disposal is before the House; or

(c) if notice of any such motion to disapprove is before the House at the end of that period, when the first of the following occurs:

(i) the notice is withdrawn;

(ii) the motion is negatived;

(iii) a further period of 5 sitting-days ends.