Stock Exchange Act, 1995
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Limitation on validity of certain acquiring transactions. |
44.—Subject to section 42 of this Act, an acquiring transaction shall only be valid if it is entered into— | |
(a) within 12 months of the Bank giving its approval in writing to the transaction, or | ||
(b) within 12 months of the end of the three month period referred to in section 41 of this Act, | ||
and, accordingly, any purported acquiring transaction which does not comply with either paragraph (a) or (b) of this section shall be invalid and— | ||
(i) title to any shares or other interest shall not pass, and | ||
(ii) any consequential purported exercise of powers relating to such shares or other interest shall be invalid. |