| Commentary

255.2 Divisions

| Commentary

255.2 Divisions

It is not necessary for a scheme for a division to be approved by the members of the transferee company if the court is satisfied that certain conditions have been complied with in respect of that company1. In certain circumstances, it may also be possible to dispense with any meeting of the members of the transferor company. This exception is more restrictive, however, as it only applies where all the shares or other securities of the transferor company carrying the right to vote at general meetings are already held by, or on behalf of, one or more of

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