# Companies Act 1985, Paragraph 8: Securities other than shares to which special rights are attached

Extent: E+W+S

(1) Where any security of a transferor company to which special rights are attached is held by a person other than as a member or creditor of the company, the court shall not sanction a compromise or arrangement under section 425(2) unless under the scheme that person is to receive rights in a transferee company of equivalent value.
(2) Sub-paragraph (1) above shall not apply in the case of any such security where—
(a) the holder has agreed otherwise; or
(b) the holder is, or under the scheme is to be, entitled to have the security purchased by a transferee company involved in the scheme on terms which the court considers reasonable.

---
Source: https://www.legislation.gov.uk/ukpga/1985/6/schedule/15B/paragraph/8 (the official version)
Page: https://openlegislation.uk/companies-act-1985/schedule-15B/paragraph-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.