820. Report on material changes of assets of merging companies

(1) The directors or equivalent office holders of each of the merging companies must report—
(a) to every meeting of the members, or any class of members, of that merging company summoned for the purpose of agreeing to the scheme, and
(b) to the directors or equivalent office holders of every other merging company,
any material changes in the property and liabilities of that merging company between the date when the draft terms were adopted and the date of the meeting in question.
(2) The directors or equivalent office holders 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 merging 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 825 (other circumstances in which reports and inspection not required) and section 829 (agreement to dispense with reports etc).