982 Further provision about consideration held on trust under section 981(9)
982 Further provision about consideration held on trust under section 981(9)
Companies Act 2006 | Legislation

(1)     This section applies where an offeror pays or transfers consideration to the company under section 981(6).

(2)     The company must pay into a separate bank account that complies with subsection (3)—

(a)     any money it receives under paragraph (b) of section 981(6), and

(b)     any dividend or other sum accruing from any other consideration it receives under that paragraph.

(3)     A bank account complies with this subsection if the balance on the account—

(a)     bears interest at an appropriate rate, and

(b)     can be withdrawn by such notice (if any) as is appropriate.

(4)     If—

(a)     the person entitled to the consideration held on trust by virtue of section 981(9) cannot be found, and

(b)     subsection (5) applies,