Section 113

Subject to subsection (2), any sale, transfer, lease, exchange or of other disposal of more than fifty per cent of the assets of an IBC, if not made in the usual or regular course of the business carried on by the IBC, must be approved by the directors.

Subsection (1) does not apply to a disposal by way of mortgage, charge or other encumbrance, nor to such a transfer as is referred in section 17(3).

Proposed compromise between IBC and creditors or members.