Commonwealth Numbered Acts

COMPANIES (ACQUISITION OF SHARES) ACT 1980 No. 64 of 1980 - SECT 49

49. (1) The Court shall, before making an order under section 45, 46, 47, 48,
57 or 60 and in determining the terms of such an order, satisfy itself, so far
as it can reasonably do so, that the order would not unfairly prejudice any
person.

(2) The Court may, before making an order under section 45, 46, 47, 48, 57 or
60, direct that notice of the application be given to such persons as it
thinks fit or direct that notice of the application be published in such
manner as it thinks fit, or both.

(3) An order under section 45, 46, 47, 48, 57 or 60 may include such ancillary
or consequential provisions as the Court thinks just.

(4) An order under section 45, 46, 47 or 60 directing the disposal of, or of
an interest in, a share may provide that the disposal shall be made within
such time and subject to such conditions (if any) as the Court thinks fit,
including, if the Court thinks fit, a condition that the disposal shall not be
made to a particular person or persons or to persons included in a particular
class or classes of persons.

(5) The Court may direct that, where a share or an interest in a share is not
disposed of in accordance with an order of the Court under section 45, 46, 47
or 60, the share or interest in the share shall vest in the Commission.

(6) Section 311 of the Companies Ordinance 1962 applies in relation to a share
or an interest in a share that vests in the Commission under this section in
like manner as it applies in relation to an estate or interest in property
referred to in the first-mentioned section.

(7) The Court may rescind, vary or discharge an order made by it under
section 45, 46, 47, 48, 57 or 60 or suspend the operation of such an order.

(8) A person who contravenes or fails to comply with an order under section 
45 , 46, 47, 57 or 60 that is applicable to him is guilty of an offence.

(9) Where an offence under sub-section (8) is committed by a corporation, any
officer of the corporation who is in default is guilty of an offence.

(10) The penalty for an offence arising under this section is a fine not
exceeding $1,000 or imprisonment for a period not exceeding 3 months, or both.

(11) Sub-sections (8) and (9) do not affect the powers of the Court in
relation to the punishment of contempts of the Court.

(12) In the application of a provision of this section in relation to orders
under section 47, the expression "share" has, in that provision, the meaning
given to that expression by sub-section 47 (2).