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The Companies (Reporting Requirements in Mergers and Divisions) Regulations 2011
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- UK Statutory Instruments
- 2011 No. 1606
- PART 3
- Regulation 12
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Report on material changes of assets etc (merger)U.K.
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12. After section 911A (inserted by Regulation 11) insert—
“911B Report on material changes of assets of merging companies
(1) The directors of each of the merging companies must report—
(a)to every meeting of the members, or any class of members, of that company summoned for the purpose of agreeing to the scheme, and
(b)to the directors of every other merging company,
any material changes in the property and liabilities of that company between the date when the draft terms were adopted and the date of the meeting in question.
(2) The directors of each of the other merging companies must in turn—
(a)report those matters to every meeting of the members, or any class of members, of that company summoned for the purpose of agreeing to the scheme, or
(b)send a report of those matters to every member entitled to receive notice of such a meeting.
(3) The requirement in this section is subject to section 915A (other circumstances in which reports and inspection not required) and section 918A (agreement to dispense with reports etc).”.
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