SCHEDULES.
SEVENTH SCHEDULEConditions as to Interests in Shares and Debentures of Exempt Private Company.
Exceptions for Bankruptcies, Liquidations, etc.
8
The basic conditions shall be subject to exceptions for—
a
any shares or debentures forming part of the assets in a bankruptcy or liquidation of a holder thereof; and
b
any shares or debentures held either—
i
on trusts created for the benefit of his creditors generally by a person having an interest therein ; or
ii
otherwise for the purposes of any composition or scheme made or approved under any Act by a court or an officer of a court for arranging the affairs of such a person.