Report No. 86
IV. Consequential Amendment of Section 3(2)
6.15. Section 3(2)-Amendment recommended.-
An amendment of section 3(2) is needed consequential on the amendment proposed in section 3(1) and the proposed insertion of section 3(1A). We therefore recommend that section 3(2) should be revised as under:-
"(2) If two or more shareholders severally apply under sub-section (1) or sub-section (1A) for leave to buy the same share or shares or for leave to buy the property, as the case may he, the Court shall order a sale of the share or shares, or of the property, as the case may be, to the shareholder who offers to pay the highest price above the valuation made by the Court."