(3) The restrictions for the purposes of subsections (1) and (2) are that—
- (a) any transfer of the voting share or, in the case of a voting share that has not been issued, any transfer of the right to be issued with it or any issue of the share is void;
- (b) no voting right can be exercised in respect of the voting share;
- (c) no further voting share shall be issued in right of the voting share or under any offer made to the holder of it; and
- (d) except in a liquidation, no payment shall be made of any amount due from the licensee on the voting share, whether in respect of capital or otherwise.
(4) Where a voting share is subject to a restriction mentioned in subsection (3)(a), an agreement to transfer—
- (a) the voting share; or
- (b) in the case of a share which has not been issued, the right to be issued with it,
is void.
(5) Where a voting share is subject to a restriction mentioned in subsection (3)(c) or (d), any agreement to transfer a right to be issued with any other voting share in the right of such voting share, or to receive any payment on it otherwise than on liquidation, is void.
27. Relaxation and removal of restriction under section 26
(1) Where a voting share of a licensee is the subject of a notice under section 26(1) or (2), the licensee or any person aggrieved by the notice may apply to the Court of First Instance for an order directing that the share—
- (a) shall cease to be subject to the restrictions specified in the notice; or
- (b) be sold, subject to the Court of First Instance’s approval for the sale.
(2) Where the Court of First Instance makes an order under subsection (1)(b), it may also direct that the voting share shall cease to be subject to any restrictions specified in the notice concerned under section 26(1) or (2).
(3) An order under this section directing that a voting share shall cease to be subject to restrictions specified in the notice concerned under section 26(1) or (2), if it is stated to be made with a view to permitting the transfer or directing the sale of the share, may direct that any such restrictions shall continue in whole or in part, in so far as such restrictions relate to a right acquired or offer made before the transfer or sale.
28. Provision as to proceeds of sale by order of Court of First Instance
(1) Where a voting share of a licensee is sold pursuant to an order under section 27(1)(b), the proceeds of sale, less the costs of the sale, shall be paid into court for the benefit of any person who is beneficially interested in the voting share and any such person may apply to the Court of First Instance for the whole or any part of those proceeds to be paid to him.
(2) Where a person makes an application under subsection (1), the Court of First Instance may order the payment to the applicant of the whole of the proceeds of sale together with any interest thereon or, if any other person had a beneficial interest in the voting share at the time of its sale, the Court of First Instance may apportion the proceeds and interest between the applicant and such other person in proportion to their respective beneficial interests and direct that payment be made accordingly.
(3) Where the Court of First Instance makes an order under section 27(1)(b), it may further order that the costs of an applicant in relation to the application under that section be paid out of the proceeds of sale and, if it makes such an order and the licensee is such an applicant, the licensee shall be entitled to the payment of its costs out of the proceeds before any other applicant is paid any part of the proceeds.
