Companies Act 2014
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Court may grant relief from restriction on enforceability of right or interest in shares or debentures | ||
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816. (1) Subject to subsections (2) and (5), where any right or interest is restricted under section 815 , the court, on the application of a person specified in subsection (3), may grant relief from that restriction. | ||
(2) The court may grant relief if it is satisfied that— | ||
(a) the default was accidental or due to inadvertence or some other sufficient cause, or | ||
(b) on other grounds it is just and equitable to do so. | ||
(3) The court may grant relief on the application of— | ||
(a) the person in default, or | ||
(b) any other person affected by the restriction. | ||
(4) The court may grant relief— | ||
(a) generally, | ||
(b) in relation to a particular right or interest, or | ||
(c) subject to such terms and conditions as it sees fit. | ||
(5) The court may not grant relief on the application of the person in default if it appears that the default has arisen as a result of a deliberate act or omission on the part of that person. |