Commonwealth Consolidated Acts

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Remedy for refusal to register transfer or transmission

             (1)  If a relevant authority in relation to a company:

                     (a)  refuses or fails to register; or

                     (b)  refuses or fails to give its consent or approval to the registration of;

a transfer or transmission of securities of the company, the transferee or transmittee may apply to the Court for an order under this section.

             (2)  If the Court is satisfied on the application that the refusal or failure was without just cause, the Court may:

                     (a)  order that the transfer or transmission be registered; or

                     (b)  make such other order as it thinks just and reasonable, including:

                              (i)  in the case of a transfer or transmission of shares--an order providing for the purchase of the shares by a specified member of the company or by the company; and

                             (ii)  in the case of a purchase by the company--an order providing for the reduction accordingly of the capital of the company.

             (3)  In this section:

"relevant authority" , in relation to a company, means:

                     (a)  a person who has, 2 or more persons who together have, or a body that has, authority to register a transfer or transmission of securities of the company; or

                     (b)  a person, 2 or more persons, or a body, whose consent or approval is required before a transfer or transmission of securities of the company is registered.

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