# Companies Act 1948, Paragraph 8


The basic conditions shall be subject to exceptions for—
(a) any shares or debentures forming part of the assets in a bankruptcy or liquidation of a holder thereof; and
(b) any shares or debentures held either—
(i) on trusts created for the benefit of his creditors generally by a person having an interest therein ; or
(ii) otherwise for the purposes of any composition or scheme made or approved under any Act by a court or an officer of a court for arranging the affairs of such a person.

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Source: https://www.legislation.gov.uk/ukpga/Geo6/11-12/38/schedule/SEVENTH/paragraph/8 (the official version)
Page: https://openlegislation.uk/companies-act-1948/schedule-SEVENTH/paragraph-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.