92. Dissent from arrangement under section 91

This section applies in the case of a voluntary winding up where, for the purposes of section 91(2) or (4), there has been passed a special resolution of the transferor company providing the sanction requisite for the liquidator under that section.

If a member of the transferor company who did not vote in favour of the special resolution expresses his dissent from it in writing, addressed to the liquidator and left at the company’s registered office within 7 days after the passing of the resolution, he may require the liquidator to abstain from carrying the resolution into effect or to purchase his interest at a price to be determined by agreement or by arbitration under this section.

If the liquidator elects to purchase the member’s interest, the purchase money must be paid before the company is dissolved and be raised by the liquidator in such manner as may be determined by special resolution.