842. Protection of holders of securities to which special rights attached (division)

Past version: effective from 14/06/2015 - 13/06/2015
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(1) The scheme must provide that where any securities of the 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, that person is to receive rights in a transferee company of equivalent value.
(2) Subsection (1) does not apply if—
(a) the holder has agreed otherwise, or
(b) the holder is, or under the scheme is to be, entitled to have the securities purchased by a transferee company on terms that the Court considers reasonable.