| Commentary

255.1 Mergers by absorption

| Commentary

255 Exceptions from procedural requirements

255.1 Mergers by absorption

Certain of the above procedural formalities are relaxed in the case of a merger by absorption where all of the relevant securities of the transferor company (or, if there is more than one transferor company, of each of them) are already held by or on behalf of the transferee company.

The draft terms of the scheme need not give the prescribed particulars relating to allotment of shares to members of transferor company, and there is no need to circulate or make available a statement explaining the effect of the scheme, a directors’ explanatory

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