This excerpt taken from the ICI 20-F filed Mar 31, 2006.
pro rata to the holders of the Companys ordinary shares according to the respective number of ordinary shares held by them. A liquidator may, with the sanction of an extraordinary resolution of the shareholders and any other sanction required by the UK Insolvency Act 1986:
(i) divide among the shareholders in kind the whole or any part of the Companys assets, whether they consist of property of the same kind or not; and
(ii) vest the whole or any part of the balance of assets in trusts for the benefit of the shareholders.
No shareholder shall be compelled to accept any assets whereon there is any liability.