Commentary

Section 139.2 Exceptions under Section 681

COMPANIES vol 11 acquisitions, mergers, demergers
| Commentary

Section 139.2 Exceptions under Section 681

| Commentary

139.2 Exceptions under Section 681

Section 681 sets out a number of other transactions which are excepted from the general prohibition including ‘a distribution of a company’s assets by way of … dividend lawfully made or … distribution made in the course of a company’s winding up’. This section also exempts the allotment of bonus shares; a reduction of capital under Sections 641 to 653; a redemption or purchase of shares under Sections 684 to 708; anything done in accordance with a court order approving a scheme of arrangement under Sections 895 to 901, and anything done under an arrangement

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