848. Power of Court to exclude certain requirements (division)
Past version: effective from 14/06/2015 - 13/06/2015
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(1) In the case of a division, the Court may by order direct that—
(a) in relation to any company involved in the division, the requirements of—
(i) section 832 (publication of draft terms), and
(ii) section 838 (inspection of documents),
do not apply, and
(b) in relation to an existing transferee company, section 845 (circumstances in which meeting of members of transferee company not required) has effect with the omission of the first, second and third conditions specified in that section,
if the Court is satisfied that the following conditions will be fulfilled in relation to that company.
(2) The first condition is that the members of that company will have received, or will have been able to obtain free of charge, copies of the documents listed in section 838—
(a) in time to examine them before the date of the first meeting of the members, or any class of members, of that company summoned for the purposes of agreeing to the scheme, or
(b) in the case of an existing transferee company where in the circumstances described in section 845 no meeting is held, in time to require a meeting as mentioned in subsection 845(4) of that section.
(3) The second condition is that the creditors of that company will have received or will have been able to obtain free of charge copies of the draft terms in time to examine them—
(a) before the date of the first meeting of the members, or any class of members, of the company summoned for the purposes of agreeing to the scheme, or
(b) in the circumstances mentioned in subsection (2)(b) above, at the same time as the members of the company.
(4) The third condition is that no prejudice would be caused to the members or creditors of the transferor company or any transferee company by making the order in question.