Commonwealth Consolidated Acts

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Right of holders of convertible securities to be bought out

             (1)  Within 1 month after notice under section 665B is given in relation to convertible securities, the holder of the convertible securities may give the 100% holder a notice requiring the 100% holder to acquire the securities.

             (2)  The notice by the holder of convertible securities gives rise to a contract between the holder and the 100% holder for the sale of the securities on:

                     (a)  terms agreed to by the 100% holder and the holder of the convertible securities; or

                     (b)  the terms determined by the Court on application by the holder of the convertible securities.

             (3)  If the Court makes a determination under paragraph (2)(b) in relation to the terms of sale for a holder's convertible securities of a particular class, the determination applies to all holders of convertible securities in that class who have applications to the Court pending for a determination under that paragraph in relation to the terms of sale of their convertible securities.


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