PART IX

AMALGAMATION OF LIMITED COMPANIES

 

Section 1238.- A limited company may not amalgamate with another limited company except by special resolution.

 

Section 1239.- The special resolution by which an amalgamation is decided must be registered by the company within fourteen days from its date.

 

Section 1240.- The company must publish seven times at least in a local paper and send to all creditors known to the company by registered letter a notice of the particulars of the proposed amalgamation requiring the creditors to present within six months after the date of notice any objection they may have to it.

If no objection is raised during such period, none is deemed to exist.

If an objection is raised, the company cannot proceed with the amalgamation unless it has satisfied the claim or given security for it.

 

Section 1241.- When the amalgamation has been made, it must be registered within fourteen days by each amalgamated company and the limited company formed by the amalgamation must be registered as a new company.

 

Section 1242.- The share capital of the new company must be equivalent to the total share capital of the amalgamated companies.

 

Section 1243.- The new company is entitled to the rights and subject to the liabilities of the amalgamated companies.

 

PART X

NOTICES

 

Section 1244.- A notice is deemed to be duly served by the company to a shareholder if it is delivered personally or sent by post to such shareholder at the address appearing in the register of shareholders.

 

Section 1245.- Any notice sent by post in a letter properly addressed is deemed to have been served at the time when such letter would have been delivered in the ordinary course of post.