| Commentary

254 Newly formed transferee companies

| Commentary

254 Newly formed transferee companies

The only requirement which must be satisfied in respect of a newly-formed company before the court may sanction the scheme is that the articles of association of the company, or a draft of them, must be approved by an ordinary resolution of the transferor company (in the case of a division) or of each of the transferor companies (in the case of a merger)1. The following requirements do not apply to a transferee company, whether public or private, which is formed for the purpose of, or in connection with, the scheme2:

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