Section 222(3)

If a payment is made in contravention of section 219 (payment in connection with share transfer)— it is held by the recipient on trust for persons who have sold their shares as a result of the offer made, and the expenses incurred by the recipient in distributing that sum amongst those persons shall be borne by him and not retained out of that sum.

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Source: legislation.gov.uk · retrieved 2026-09-04