Section 227 - Application to court for exemption

(1) A company to which a notice has been given under section 221, may apply to the Court for an order exempting the company from the obligation to purchase the shares to which the notice relates, on the grounds that

(a) the purchase would be disproportionately damaging to the company;

(b) the company cannot reasonably be required to finance the purchase; or

(c) it would not be just and equitable to require the company to purchase the shares.

(2) On an application under this section, the Court may make an order to relieve the company in whole or in part and on the terms that the Court considers fit from the liability to purchase the shares if in the circumstances, including lapse of time, the Court considers it equitable to do so.

(3) An order of the Court under subsection (2) may include

(a) setting aside a resolution of the members;

(b) directing the company to take, or refrain from taking, any action specified in the order; or

(c) requiring the company to pay compensation to the members affected.