(1)Wherein proceedings for the recovery of any payments as having, by virtue of sub-section, (2) of section 319 or sub-section (4) of section 320, been received by any person in trust, it is shown that-(a)the payment was made in pursuance of any arrangement entered into as part of the agreement for the transfer in question, or within one year before, or within two years after, that agreement or the offer leading thereto; and(b)the company or any person to whom the transfer was made was privy to that arrangement, the payment shall be deemed, except in so far as the contrary is shown, to be one to which that sub-section applies.
