ACT 125

COMPANIES ACT 1965 (REVISED - 1973)

PART VII - ARRANGEMENT AND RECONSTRUCTIONS

Section 181B. Leave of Court

(1) An application for leave of the Court under section 181A shall be made by originating summons and no appearance need to be entered. (2) The complainant shall give thirty days notice in writing to the directors of his intention to apply for the leave of Court under section 181A. (3) Where leave has been granted pursuant to an application under section 181A, the complainant shall initiate proceedings in Court within thirty days from the grant of leave. (4) In deciding whether or not leave shall be granted the Court shall take into account whether— (a) the complainant is acting in good faith; and (b) it appears prima facie to be in the best interest of the company that the application for leave be granted. [Ins. Act A1299 : s.22]