Section 112C — Companies Act 1993: Timing of transfer of shares

112C Timing of transfer of shares (1) On the day on which a board gives notice under section 111(2)(e) that the board agrees to the purchase of shares by the company,— (a) the legal title to those shares passes to the company; and (b) the rights of the shareholder in relation to those shares end. (2) However, for the purposes of sections 112 and 112A , shareholder and holder of the shares means the person who held the legal title to the shares immediately before the board gave notice under section 111(2)(e) that the board agrees to the purchase of those shares by the company. (3) Subsection (2) applies despite subsection (1). Section 112C: inserted, on 17 September 2008, by section 7 of the Companies (Minority Buy-out Rights) Amendment Act 2008 (2008 No 69).