Part 27Mergers and divisions of public companies

Chapter 3Division

Requirements to be complied with in case of division

922Approval of members of companies involved in the division

(1)

The compromise or arrangement must be approved by a majority in number, representing 75% in value, of each class of members of each of the companies involved in the division, present and voting either in person or by proxy at a meeting.

(2)

This requirement is subject to sections 931 and 932 (circumstances in which meeting of members not required).