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Amendment of section 16 of Act of 1990.
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27.—Section 16 of the Act of 1990 is amended—
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(a) in subsection (2)(d), by the deletion of “except in a liquidation,”,
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(b) in subsection (4), by the deletion of “(otherwise than in a liquidation)”,
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(c) in subsection (6), by the substitution of the following for paragraphs (a) and (b):
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“(a) in the case of an order by the court, the court is satisfied that the relevant facts about the shares have been disclosed to the company or, as the case requires, to the Director, or that it is otherwise equitable to lift the restrictions;
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(b) in the case of a direction of the Director, the Director is satisfied that the relevant facts about the shares have been disclosed to him; or
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(c) the shares are to be sold and the court or the Director approves the sale.”,
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and
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(d) in subsection (7), by the insertion after “or the company” of “, having given notice to the Director,”.
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