215AB. Effect of impossibility, etc., of communicating or accepting offer made under scheme or contract Flashcards
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215AB. Effect of impossibility, etc., of communicating or accepting offer made under scheme or contract
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General overview
[215AB.01] Where a company has shareholders who are staying overseas, it is often very onerous for the transferor company to notify all the shareholders of the offer made by the transferee(s) where they have moved their residence or have no local address. Hence, s 215AB was enacted to facilitate the communication of the offer to the shareholders, following the recommendation of the Steering Committee, so that the offer can still be an effective and valid offer under s 215: see the Report of the Steering Committee for Review of the Companies Act, April 2011, Chapter 3, paras 200–203.
