Companies Act (Cap. 386), article 341

341. (1) The amalgamation of two or more commercial partnerships shall not take effect until three months from the date of the publication of the state ment referred to in article 401( 1)( e) relating to the decisions approving the amalgamation. (2) During the aforesaid period of three months any creditor of any of the amalgamating commerc ial partnerships whose debt existed prior to the publication of the statement referred to i n sub- article (1) may by sworn applicat ion object to the amalgamation , and if he shows good cause why it should not take effect, the c ourt shall either uphold the objection or allow the amalgamation to proceed upon sufficient secur ity being given. (3) Without prejudice to the provisions of sub-article (2) any partner of any of the amalgamatin g commercial partnerships or t he Registrar shall have the right to challenge the validity of the amalgamation only within the afore said period of three months b y means of a sworn application. (4) Where as a result of the proceedings for which provision is made in sub-article (3), the court is satisfied that the amalga mation is not valid, the court shall disallow the said amalgamation: Provided that the court shall have the right to suspend its decision disallowing the amalg amation and to grant time which shall not be in excess of six mon ths, to the commercial partner ship or partnerships in default to remedy the default rendering the amalgamation invalid; and if the default is remedied within the time allowed, the amalgam ation shall take effect. Acquiring or new commercial partnership succeeds commercial partnership ceasing to exist. Amended by: IV . 2003.127; II. 2004.59.