Section 229. Exception to section 228

Section 228 shall not apply to an arrangement or transaction for the acquisition or disposal of a non-cash asset entered into—

(a) by a company—

(i) and any of its wholly-owned subsidiaries;

(ii) and its holding company which holds all the issued shares of the company; or

(iii) which is a wholly-owned subsidiary of a holding company and another wholly-owned subsidiary company of that same holding company;

(b) by a company which is being wound up, unless the winding up is a members’ voluntary winding up;

(c) by a company which is an acquisition or disposal of an asset in the ordinary course of business of the company and is on terms not more favourable than those generally available to the public or employees of the company;

(d) by a company if such arrangement or transaction does not involve transfer of cash or property and which shall have no effect unless approved at a general meeting or by a relevant authority;

(e) by a company made in accordance with a scheme of arrangement approved by the Court under section 366; or

(f) by a company in connection with a takeover offer made in accordance with the relevant law applicable to such offers.