Section 239Part 16 — Merger, Consolidation and Conversion
Limitation on rights of dissenters
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No rights under section 238 shall be available in respect of the shares of any class for which an open market exists on a recognised stock exchange or recognised interdealer quotation system at the expiry date of the period allowed for written notice of an election to dissent under section 238(5), but this section shall not apply if the holders thereof are required by the terms of a plan of merger or consolidation pursuant to section 233 o r 237 to accept for such shares anything except —
shares of a surviving or consolidated company, or depository receip ts in respect thereof;
shares of any other company, or depository receipts in respect thereof, which shares or depository receipts at the effective date of the merger or consolidation, are either listed on a national securities exchange or designated a s a national market system security on a recognised interdealer quotation system or held of record by more than two thousand holders;
cash in lieu of fractional shares or fractional depository receipts described in paragraphs (a) and (b); or
any co mbination of the shares, depository receipts and cash in lieu of fractional shares or fractional depository receipts described in paragraphs (a), (b) and (c).
Repealed by section 11 of the Companies (Amendment) (No. 2) Act , 2018 [ Law 46 of 2018 ]. 239A. Prohibition on being a segregated portfolio company 239 A . No constituent company incorporated under this Act or any consolidated company existing under this Act may be a segregated portfolio company.