Disposition of assets

Any sale, transfer, lease, exchange or other disposition of more than 50 per cent of the assets of a company incorporated under this Act, other than a transfer pursuant to the power described in section 9(2), if not made in the usual or regular course of the business carried on by the company, shall be made as follows– (a) the proposed sale, transfer, lease, exchange or other disposition must be approved by the (b) upon approval of the proposed sale, transfer, lease, exchange or other disposition, the directors must submit the proposal to the members for it to be authorised by a resolution (c) if a meeting of members is to be held, notice of the meeting, accompanied by an outline of the proposal, must be given to each member, whether or not he is entitled to vote on the sale, transfer, lease, exchange or other disposition; and 88 (d) if it is proposed to obtain the written consent of members, an outline of the proposal must be given to each member, whether or not he is entitled to consent to the sale, transfer, lease, exchange or other disposition.