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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 30 November 2016 - onwards
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982. Further provision about consideration held on trust under section 981(9)

(1) This section applies where an offeror pays or transfers consideration to the company under section 981(6).

(2) The company must pay into a separate bank account that complies with subsection (3) -

(a) any money it receives under paragraph (b) of section 981(6), and

(b) any dividend or other sum accruing from any other consideration it receives under that paragraph.

(3) A bank account complies with this subsection if the balance on the account -

(a) bears interest at an appropriate rate, and

(b) can be withdrawn by such notice (if any) as is appropriate.

(4) If -

(a) the person entitled to the consideration held on trust by virtue of section 981(9) cannot be found, and

(b) subsection (5) applies,

the consideration (together with any interest, dividend or other benefit that has accrued from it) must be paid into court.

(5) This subsection applies where -

(a) reasonable enquiries have been made at reasonable intervals to find the person, and

(b) twelve years have elapsed since the con

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