Section 222 - Purchase of shares by company

(1) Where the Board agrees under paragraph (a) of subsection (2) of section 221 to the purchase of the shares by the company, it shall within seven days of issuing notice under subsection (3) of section 221,

(a) state a fair and reasonable price as at the close of business on the day before the day the resolution is passed for the shares to be acquired; and

(b) give written notice of the price to the member.

(2) A member who considers that the price stated by the Board is not fair and reasonable, shall forthwith, but at any rate, not later than fourteen days after receipt of the notice, give written notice of the objection to the company.

(3) Where the member agrees to the price stated by the Board without objection, the company shall, on the date the company and the member mutually agree, or in the absence of any agreement, as soon as practicable, purchase all the shares at the stated price.