306. Power of liquidator to accept shares, etc., as consideration for sale of property of company Flashcards
1
Q
- Power of liquidator to accept shares, etc., as consideration for sale of property of company
A
General overview
[306.01] This section provides that where a liquidator is proposing a sale of the whole or part of the business or property of a company to another company, the liquidator may, with the sanction of a special resolution of the company conferring authority on the liquidator or an authority in respect of any particular arrangement, receive in compensation or part compensation for the transfer such shares, debentures, policies or other similar interests of the latter company in lieu of cash: s 306(1).
