Section 147: Procedure where dissenting offeree makes election.

(1) This section applies where a dissenting offeree makes an election under paragraph (b) of subsection (3) of section 146 of this Act.
(2) The offeror may, within twenty days after he had paid the money or transferred the other consideration under subsection (6) of this section apply to the court to fix the fair value of shares of the dissenting offeree.
(3) If an offeror fails to apply to the court under subsection (2) of this section, a dissenting offeree may apply to the court for the same purpose within a further period of twenty days.
(4) A dissenting offeree shall not be required to give securities for costs in an application made under subsection (2) or (3) of this section.
(5) Where an application is made under subsection (2) or (3) of this section:
(a) all dissenting offerees who made an election under paragraph (b) of subsection (3) of section 146 of this Act shall be joined as parties and bound by the decision of the court; and
(b) the offeror shall notify each affected dissenting offeree of the date and place of the application and of his right to appear and be heard in person or by counsel.
(6) Upon an application to the court under subsection (2) or (3) of this section, the court shall fix a fair value for the shares of all dissenting offerees who made an election under paragraph (b) of subsection (3) of section 146 of this Act.
(7) The court may, in its discretion, appoint one or more than one independent valuer to assist the court in fixing a fair value for the shares of a dissenting offeree.
(8) The final order of the court shall be made against the offeror in favour of each dissenting offeree who made an election under paragraph (b) of subsection (3) of section 146 of this Act and for the amount for his shares as fixed by the court.
(9) The court may, in connection with proceedings under this section, make an order, if it thinks fit and, without limiting the generality of the foregoing may:
(a) by order, fix the amount of money or other consideration that is required to be held in trust under subsection (6) of section 146 of this Act;
(b) order that money or other consideration be held in trust by a person other than the offeree company; or
(c) allow interest at the current bank rate on the amount payable to each dissenting offeree from the date he sends to the offeree company his share certificates under subsection (5) of section 146 of this Act until the date of payment.
(10) Where the amount of money or other consideration fixed by the court under paragraph (a) of subsection (9) of this section exceeds that held in trust pursuant to any payment or transfer already made under subsection (6) of section 146 of this Act by the offeror, the offeror shall:
(a) make to the offeree company any payment or transfer necessary to comply with the order, and subsection (6) of section 146 of this Act shall apply in relation to the amount so paid or transferred; or
(b) if the court made an order under paragraph (b) of subsection (9) of this section, make that payment or transfer to the other person by whom the money or consideration is to be held in trust.
(11) Where the court makes an order under paragraph (b) of subsection (9) of this section:
(a) the order of the court shall operate to divest the offeree company of the money or other consideration subject to the trust and to vest it in the person named in the order on the like trust; and
(b) Subsection (6) of section 146 of this Act shall apply to money or other consideration paid or transferred pursuant to paragraph (b) of subsection (1) of this section to that person.