In Re Sedgefield Steeplechase Co (1927) Ltd; Scotto v Petch and Others: ChD 10 Feb 2000

Agreements were put in place for the sale of shares, but pre-emption rights would, if triggered have required notices to be serve. Only a contractual provision which created an obligation to transfer shares in breach of the articles would trigger the pre-emption clause, and this agreement expressly forbade any such obligation arising. The obligation to transfer the shares would only arise once the articles had been amended to remove the requirement for pre-emption rights notices.
Gazette 10-Feb-2000, Times 16-Feb-2000
England and Wales
Cited by:
Appeal fromScotto v Petch and others, In re Sedgefield Steeplechase Co (1927) Ltd CA 9-Feb-2001
The defendants were members of a private limited company holding 75 per cent of its share capital. The applicant held 21 per cent. The articles gave her a right of pre-emption should the defendants wish to sell their shares. The articles exempted . .

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Updated: 09 March 2021; Ref: scu.82188