(1) Despite section 254Q, if a person's share has been forfeited, the
person may redeem the share, at any time up to or on the last business day
before the proposed sale, by paying the company:
- (a)
- all calls due on the
share; and
- (b)
- if the company so requires:
- (i)
- a portion, calculated on a pro rata basis, of all expenses incurred by the
company in respect of the forfeiture; and
- (ii)
- a portion, calculated on a pro rata basis, of all costs and expenses of
any proceeding that has been taken in respect of the forfeiture.
On payment, the person is entitled to the share as if the forfeiture had not
occurred.
(2) On the last business day before the proposed sale, the registered office
of the company must be open during the hours for which it is by this Act
required to be open and accessible to the public.