RECONSTRUCTION 
225 
not, however, cover the case of an amalgamation by the 
purchase of the shares of a company. The Act of 1929 
's. 150] restricts the payment of such compensation by making 
it unlawful to make any such payment in connection with (1) 
the transfer of the whole or any part of the undertaking or 
property of a company, or (2) the transfer of all or any of its 
shares as the result of any offer to the general body of the 
shareholders unless proper disclosure has been made to the 
shareholders, and in the former case, the proposal has been 
approved by the company in general meeting. The section 
also contains provisions preventing an evasion of the section 
and making any director receiving an illegal payment trustee 
of the amount received for the company or for the share- 
holders who sell their shares as the result of the offer, as the 
case may be.