TMA-3.5.1
Past version: Effective from 01 Apr 2013 to 30 Sep 2019
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Except with the consent of the CBB, any person seeking to use a scheme of arrangement or capital reorganisation to acquire (or privatise) a company, the scheme or capital reorganisation may only be implemented if, in addition to satisfying any approval requirements imposed by law:
(a) The scheme or the capital reorganisation is approved by at least two thirds of the votes that are cast either in person or by proxy by disinterested shareholders at a duly convened meeting of the holders of the disinterested shares; and
(b) The number of votes cast against the resolution to approve the scheme or the capital reorganisation at such meeting is not more than 10% of the voting rights held by disinterested shareholders.
Amended: April 2013