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Commentary

266.3 Meaning of ‘scheme of reconstruction’

COMPANIES vol 11 acquisitions, mergers, demergers
| Commentary

266.3 Meaning of ‘scheme of reconstruction’

| Commentary

266.3 Meaning of ‘scheme of reconstruction’

A scheme is a ‘scheme of reconstruction’ where various conditions are satisfied. The following two conditions must always be met1:

  1. 266.3.1

        the scheme must involve the issue of ordinary share capital in a company (‘the successor company’) or of more than one company (‘the successor companies’) to the holders of ordinary share capital in another company (‘the original company’) or of more than one other company (‘the original companies’);

  2. 266.3.2

        all the shareholders holding shares in the ordinary share capital in the original company or companies or in the same class must have the

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