Section 148: Duties of offeree Company

(1) Where an offeree company is satisfied:
(a) in the case of dissenting offeree who makes an election under paragraph (a) of subsection (3) of section 146 of this Act or is deemed to have made such an election, that the offeror has made the payment or transfer required by subsection (6) of section 146 of this Act; and
(b) in the case of a dissenting offeree who made an election under paragraph (b) of subsection (3) of section 146 of this Act that the offeror has, in addition to making that payment or transfer, made any payment or transfer required under subsection (1) of section 147 of this Act to be made by the offeror, the offeree company shall issue to the offeror a share certificate in respect of the shares that were held by the dissenting offeree.
(2) Where an offeree company is satisfied as provided in paragraph (a) or (b) of subsection (1) of this section, it shall :
(a) in the case of a dissenting offeree who has complied with subsection (5) of section 146 of this Act, give to the dissenting offeree the money or other consideration to which he is entitled on application being made by him for that purpose or, if an order is made under paragraph (b) of subsection (9) of section 147 of this Act, notify the person holding the money or the property in trust that the dissenting offeree has complied with subsection (5) of section 146 of this Act; or
(b) in the case of a dissenting offeree who has not complied with subsection (5) of section 146 of this Act, send to the dissenting offeree a notice stating that-
(i) his shares have been cancelled;
(ii) a payment or transfer has been made under subsection (6) of section 146 of this Act or as the case may be, under subsection (6) of section 147 of this Act and subsection (10) thereof, giving particulars; and
(iii) the offeree company shall give or, as the case may be, authorise any person holding money or property in trust pursuant to an order made under paragraph (b) of subsection (9) of section 147 of this Act to give to the dissenting offeree the money or other consideration, to which he is entitled, when he complies with subsection (6) of section 146 of this Act.
(3) A person holding money or property in trust pursuant to an order made under paragraph (b) of subsection (9) of section 147 of this Act shall, when he has been notified as provided in paragraph (a) of subsection (2) of this section or given authority as provided in subsection (2) (b) (iii) of this section, give to a dissenting offeree the money or other consideration to which he is entitled on application being made by him for that purpose.