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section-24.-protection-of-third-parties-in-other-cases-where-a-subsidiary-acts-as-a-dealer-in....md

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Section 24. Protection of third parties in other cases where a subsidiary acts as a dealer in...

  1. This section shall apply where—

  • a subsidiary that is a dealer in securities has purportedly acquired shares in its holding company in contravention of the prohibition in section 22; and

  • a person acting in good faith has agreed, for value and without notice of the contravention, to acquire shares in the holding company—

    • from the subsidiary; or

    • from any person who has purportedly acquired the shares after the disposal of shares by the subsidiary.

  1. A transfer of the shares referred to in paragraph (1)(a) to any person shall have the same effect as it would have had if the original acquisition of the shares by the subsidiary had not been in contravention of the prohibition.