831. Draft terms of scheme (division)
(1) A draft of the proposed terms of the scheme must be drawn up and adopted by the directors of each of the companies involved in the division.
(2) The draft terms must give particulars of at least the following matters–
(a) in respect of the transferor company and each transferee company–
(i) its name,
(ii) the address of its registered office, and
(iii) whether it is a company limited by shares or a company limited by guarantee and having a share capital,
(b) the number of shares in a transferee company to be allotted to members of the transferor company for a given number of their shares (the “share exchange ratio”) and the amount of any cash payment,
(c) the terms relating to the allotment of shares in a transferee company,
(d) the date from which the holding of shares in a transferee company will entitle the holders to participate in profits, and any special conditions affecting that entitlement,
(e) the date from which the transactions of the transferor company are to be treated for accounting purposes as being those of a transferee company,
(f) any rights or restrictions attaching to shares or other securities in a transferee company to be allotted under the scheme to the holders of shares or other securities in the transferor company to which any special rights or restrictions attach, or the measures proposed concerning them,
(g) any amount of benefit paid or given or intended to be paid or given–
(i) to any of the experts referred to in section 836 (expert’s report), or
(ii) to any director of a company involved in the division,
and the consideration for the payment of benefit.
(3) The draft terms must also–
(a) give particulars of the property and liabilities to be transferred (to the extent that these are known to the transferor company) and their allocation among the transferee companies,
(b) make provision for the allocation among and transfer to the transferee companies of any other property and liabilities that the transferor company has acquired or may subsequently acquire, and
(c) specify the allocation to members of the transferor company of shares in the transferee companies and the criteria upon which that allocation is based.