620. Unconditional exceptions
Past version: effective from 29/04/2020 - 28/04/2020
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(1) Neither section 617 nor section 618 prohibits a transaction to which this section applies.
(2) Those transactions are-
(a) a distribution of the company’s assets by way of-
(i) dividend lawfully made, or
(ii) distribution in the course of a company’s winding up,
(b) an allotment of bonus shares,
(c) a reduction of capital under Chapter 10 of Part 16,
(d) a redemption of shares under Chapter 3 or a purchase of shares under Chapter 4 of this Part,
(e) anything done in pursuance of an order of the Court under Part 25 (order sanctioning compromise or arrangement with members or creditors),
(f) anything done under an arrangement made in pursuance of a duly appointed liquidator accepting shares as consideration for sale of company’s property,
(g) anything done under an arrangement made between a company and its creditors that is binding on the creditors.