Section 514 of The Companies Act No. 17 of 2015: Enforcement of prohibition: power of Court to make remedial orders
(1) An order is a remedial order for the purpose of this section if it is made in order to place a person affected by a contravention of section 511 in the position in which the person would have been in had the contravention not occurred.
(2) If a private company has—
(a) allotted securities as a result of an offer to the public; or
(b) allotted or agreed to allot securities with a view to their being offered to the public,
a remedial order may require any person knowingly concerned in the contravention of section 511 to offer to purchase any of those securities at such price and on such other terms as the Court considers appropriate.
(3) A remedial order may be made—
(a) against any person knowingly concerned in the contravention, whether or not an officer of the company concerned;
(b) irrespective of anything in that company’s constitution that includes, for this purpose, the terms on which any securities of the company are allotted or held; and
(c) whether or not the holder of the securities subject to the order is the person to whom that company allotted or agreed to allot them.
(4) If a remedial order is made against the company itself, the Court may make such order reducing the company's capital as appears to it to be appropriate.
(5) Subsections (2) to (5) do not limit in any way the Court's power to make a remedial order.
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Nothing in this Part affects the validity of an allotment or sale of securities or of an agreement to allot or sell securities.
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(2) On receiving an...
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- Section 523 - Financing of redemption
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- Section 524 - Redeemed shares treated as cancelled
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- Section 528 - Exercise of rights in respect of treasury shares
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- Section 529 - Disposal of treasury shares
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(a) sell the shares, or any of them, for a cash consideration; or
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- Section 531 - Cancellation of treasury shares
(1) A company that holds shares may at any time cancel all or any of the shares.
(2) As soon as shares held by a company as treasury shares cease to bequalifying shares, the company shall cancel...
- Section 532 - Treasury shares: notice of cancellation
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- Section 533 - Treatment of proceeds of sale of treasury shares
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(1) If—
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- Section 538 - Notice requiring information: offences
(1) A person who—
(a) fails to comply with a notice under section 536;or (b) in purported compliance with such a notice—
(i) makes a statement that the person knows to be false in a material...
- Section 539 - Notice requiring information: persons exempted from obligation to comply
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(2) The Cabinet Secretary...
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(1) The effect of an order under section 537 that shares are subject to restrictions is as follows—
(a) a transfer of the shares is void;
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- Section 541 - Offence to attempt to evade restrictions
(1) This section applies if shares are subject to restrictions imposed by an order under section 537.
(2) A person who—
(a) exercises or purports to exercise a right—
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- Section 543 - Removal of restrictions
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- Section 548 - Report to members on outcome of investigation
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- Section 551 - Company to keep register of interest disclosed
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- Section 552 - Register to be kept available for inspection
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- Section 553 - Rights to inspect and require copy of entries
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(a) the person's spouse; or
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