(d) as an incident of —
(i) a composition in solvency accepted or agreed to by a majority in number of
creditors who have proved claims and by a number of creditors whose proved
claims represent in value more than fifty per centum of the total value of
proved claims; or
(ii) a deed of assignment entered into by a debtor with his creditors;
(e) by way of the acquisition of the shares, or a class of shares, in a body corporate on
terms agreed to by the holders of not less than nine-tenths in value of those shares or
that class thereof.
(7) Nothing in this section shall affect the making or operation of any law in so far as it
provides for —
(a) the orderly marketing of any agricultural produce or mineral or any article or thing
prepared for market or manufactured therefore in the common interests of the various
persons otherwise entitled to dispose of that property or for the reasonable restriction
of the use of any property in the interests of safeguarding the interests of others or the
protection of lessees or other persons having rights in or over such property; or
(b) the taking of possession or acquisition in the public interest of any property or any
interest or right therein where that property, interest or right is held by a body
corporate established directly by law for a public purpose in which no moneys have
been invested other than moneys provided from public funds.
(8) Nothing in this section shall affect the making or operation of any Act of Parliament in
so far as it provides for the extinction of any debt or other obligation gratuitously assumed by
the State or any other person.
(9) Nothing in this section shall affect or derogate from –
(a) any obligation assumed by the State; or
(b) any right or interest conferred upon any person;
in relation to the protection of property and the payment and determination of compensation in
respect of the acquisition of property, in terms of any convention, treaty or agreement acceded
to, concluded or executed by or under the authority of the President with one or more foreign
states or governments or international organisations.
(10) In this section–
"acquiring authority" means the person or authority compulsorily taking possession of or
acquiring the property or interest or right therein;
"agricultural purposes" includes forestry, fruit-growing and animal husbandry, including
the keeping of poultry, bees or fish;
"land" includes anything permanently attached to or growing on land;
"pensions benefits" means any pension, annuity, gratuity or other like allowance–
(a)
which is payable from the Consolidated Revenue Fund to any person;
(b)
for any person in respect of his service with an employer or for any spouse, child
or dependant of such person in respect of such service;
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