823. No issue of shares to merging companies or surviving company (merger)

The scheme must not provide for any shares in the surviving company to be issued to—

(a) a merging company (or its nominee) in respect of shares in the merging company held by the merging company itself (or its nominee), or
(b) the surviving company (or its nominee) in respect of shares in a merging company held by the surviving company (or its nominee).