Paragraph 14 F1

England, Wales and Scotland

(1)

Where the scheme is a Case 1 Scheme and in the case of every transferor company concerned ninety per cent. or more (but not all) of—

(a)

the shares in that company, and

(b)

such securities of that company (other than shares) as carry the right to vote at general meetings of that company,

are held by or on behalf of the transferee company, section 427A and this Schedule shall apply subject to the following sub-paragraphs.

(2)

The court may sanction a compromise or arrangement under section 425(2) notwithstanding that—

(a)

any meeting otherwise required by paragraph 1 has not been summoned by the transferee company, and

(b)

paragraphs 2(1)(c) and 3(e) have not been complied with in respect of that company,

if the court is satisfied that the conditions specified in the following sub-paragraph have been complied with.

(3)

The conditions referred to in the previous sub-paragraph are the same conditions as those specified in paragraph 10(2), save that for this purpose the condition contained in paragraph 10(2)(b) shall be treated as referring only to the documents listed in paragraph 6(1)(a), (d) and (e).

Annotations

Textual amendments

F1: Sch. 15A (old) inserted by S.I. 1987/1991, reg. 2(c), Sch. Pt. II

Notes on Schedule 15B

Textual amendments

F1: Sch. 15B repealed (6.4.2008) by Companies Act 2006 (c. 46), ss. 1295, 1300, Sch. 16; S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 1 (with arts. 7, 12)
F2: Sch. 15A renumbered by Companies Act 1989 (c. 40, SIF 27), ss. 114(2), 213(2)

Notes on Transferee company or companies holding shares in the transferor company

Textual amendments

F1: Sch. 15A (old) inserted by S.I. 1987/1991, reg. 2(c), Sch. Pt. II