Section 828 of The Companies Act No. 17 of 2015: Provisions applicable to sale by Court order of restricted securities
(1) If securities are sold in accordance with an order of the Court made undersection 828, the seller of the securities shall pay the proceeds of sale (less the costs of the sale) into Court for the benefit of the persons who are beneficially interested in the securities.
(2) A person claiming to be beneficially interested in the securities may apply to the Court for an order directing the whole or part of those proceeds to be paid to the person.
(3) On the hearing of an application made under subsection (2), the Court shall
—
(a) (subject to paragraph (b)) order the payment to the applicant of the whole of the proceeds of sale together with any interest on the proceeds; or
(b) if any other person had a beneficial interest in the securities at the time of their sale — such proportion of those proceeds and interest as is equal to the proportion that the value of the applicant's interest in the securities bears to the total value of the securities.
(4) On granting an application for an order under section 827(6) or (8) the Court may order that the applicant's costs be paid out of the proceeds of sale.
(5) If the Court makes an order under subsection (4), the applicant is entitled to payment of the applicant's costs out of the proceeds of sale before any person interested in the relevant securities is entitled to receive any part of those proceeds.
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