Section 374 of The Companies Act No. 17 of 2015: Agreement for transfer of non-cash asset: requirement of independent valuation
(1) The following conditions are conditions that are required to be complied with for the purpose of section 373—
(a) that the consideration to be received by the company, and any consideration other than cash to be given by the company, has been independently valued in accordance with this Division;
(b) that the valuer's report has been made to the company during the six months immediately preceding the date of the agreement;
(c) that a copy of the report has been sent to the other party to the proposed agreement not later than the date on which copies are required to be circulated to members under section 376 (3).
(2) The reference in subsection (1)(a) to the consideration to be received by the company is to the asset to be transferred—
(a) to the company; or
(b) to another person in circumstances that are beneficial to the company.
(3) The reference in subsection (1)(c) to the other party to the proposed agreement is to the person referred to in section 374 (1)(a).
(4) If the person has received a copy of the report under section 377 in the person's capacity as a member of the company, it is not necessary to send another copy under this section.
(5) This section does not affect a requirement to value any consideration for purposes of section 368.
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