Section 221 - Notice requiring purchase of shares

(1) A member of a company who requires the company to purchase the shares of that member under section 220 shall, within fourteen days of the passage of the resolution at a meeting of the members of the company, give written notice to the company requiring the company to purchase those shares.

(2) On receipt of the notice, the Board shall

(a) arrange for the purchase of the shares by the company;

(b) arrange for some other person to purchase the shares;

(c) arrange for the resolution to be rescinded in accordance with subsection (4) of section 220; or

(d) apply to the Court for an order exempting the Board from the purchase of the shares of the member.

(3) The Board shall within twenty-eight days upon receipt of the notice give written notice to the member of the decision of the Board.