Compulsory Redemption. If the Board in their absolute discretion consider that any Cell Shares that have been acquired or owned or held directly or indirectly by any Person in circumstances which, in their opinion, might result in the Company incurring any liability to taxation or suffering any other pecuniary disadvantage which the Company might not otherwise have incurred or if the amount of the investment of a Person falls below the amount required to qualify as an Expert Investor, the Board may require the redemption or transfer of such Shares. To require the redemption or transfer of Cell Shares in the Company, the Board will serve on the Shareholder a notice requiring him to transfer his Cell Shares to a Person eligible to hold the same or to give a redemption request in respect of such Cell Shares. If any such Person upon whom such a notice is served as aforesaid does not, within 30 days after such notice, transfer such Cell Shares or give a redemption request in respect thereof, he shall be deemed forthwith upon the expiration of such 30 day period to have given a redemption request in respect of all his Cell Shares and the Board shall be entitled to appoint any Person to sign on his behalf such documents as may be required for the purposes of the redemption. If any Cell Shares are compulsorily redeemed pursuant to this Section, the Board shall deposit in a separate bank account the redemption proceeds. Upon such deposit, the Person whose Cell Shares have been so redeemed shall have no interest in or claim against the Company or its assets except the right to receive the redemption proceeds deposited (without interest) upon surrender of any document(s) that are required for the purposes of redemption or settlement.
Appears in 6 contracts
Samples: pimcapital.mu, pimcapital.mu, pimcapital.mu
