Section 129
of International Business Companies Order, 2000
Section 129
(1)
Subject to any relevant modification, on a merger or consolidation under section 125 –
(a)
members holding ninety per cent of the votes of outstanding shares entitled to vote; and
(b)
members holding ninety per cent of the votes of outstanding shares of each class and series of shares entitled to vote as a class or series,
Incorporating amendments until S 53/2017
(Clean Vesion) NANI/zimah _ as of 11 February 2020
107
BLUV as at 20th June 2017
may give a written instruction to an IBC directing it to redeem the shares held by the remaining members.
(2)
On receipt of a written instruction under subsection (1), the IBC shall proceed with the redemption of the shares specified in the instruction, irrespective of whether the shares are by their terms redeemable.
(3)
For the purposes of that redemption, within seven days of the receipt of the written instruction, the IBC shall give written notice to each member whose shares are to be redeemed, stating the redemption price and the manner in which the redemption is to be effected.
(4)
On a redemption of a member's shares under this section, the member shall be entitled to receive the fair value of his shares; and subsections (3) to (6) of section 132 shall apply for that purpose.
Power of Court to intervene.