(1)No Director of a company shall, in connection with the transfer to any persons of all or any of the shares in a company, being a transfer resulting from-(i)an offer made to the general body of shareholders;(ii)an offer made by or on behalf of some other body corporate with a view to the company becoming a subsidiary of such body corporate or a subsidiary of its holding company;(iii)an offer made by or on behalf of an individual with a view to his obtaining the right to exercise, or control the exercise of, not less than one-third of the total voting power at any general meeting of the company; or(iv)any other offer which is conditional on acceptance to a given extent, receive any payment by way of compensation for loss of office, or as consideration for retirement from office, or in connection with such loss or retirement,-(a)from such company; or(b)except as otherwise provided in this section, from the transferees of the shares or from any other person (not being such company).
