transmission (1) Where a relevant authority in relation to a company refuses
or fails to register, or refuses or fails to give its consent or approval to
the registration of, a transfer or transmission of shares in, debentures of,
or an interest made available by, the company, the transferee or transmittee
may apply to the Court for an order under this section.
(2) Where, on an application made under subsection (1), the Court is
satisfied 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, 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, in the case of a purchase by the company, 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 shares in, debentures of,
or interests made available by, 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 shares in, debentures of, or
interests made available by, the company is registered.