C4C1C2C3Part 27Mergers and divisions of public companies

Annotations:
Modifications etc. (not altering text)
C4

Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))

Chapter 3Division

Other exceptions

933AF1Certain requirements excluded where shareholders given proportional rights (division)

1

This section applies in the case of a division where each of the transferee companies is a new company.

2

If all the shares in each of the transferee companies are to be allotted to the members of the transferor company in proportion to their rights in the allotted share capital of the transferor company, the following requirements do not apply.

3

The requirements which do not apply are—

a

the requirements of—

i

i)section 923 (directors' explanatory report),

ii

section 924 (expert's report),

iii

section 925 (supplementary accounting statement), and

iv

section 927 (report on material changes in assets of transferor company); and

b

the requirements of section 926 (inspection of documents) so far as relating to any document required to be drawn up under the provisions mentioned in paragraph (a)(i), (ii) or (iii) above.