253 Protection of holders of securities to which special rights attached

253 Protection of holders of securities to which special rights attached

Meetings of classes of creditors of a transferor company or of an existing transferee company need only be held in connection with a scheme for a reorganisation if their rights are modified or affected by the scheme1. If securities of a transferor company (other than shares) to which special rights are attached are held by a person otherwise than as a member or creditor of the company, the court may not approve the scheme unless under its terms that person is to receive rights in the transferee