Companies Act (Cap. 386), article 342

342. (1) An acquiring commercial partnership or, where a new commercial partnership is formed , the new commercial partnershi p, shall succeed to all the assets, rights, liabilities and obliga tions of the commercial partnership or partnerships ceasing to exist, without the requirement of any formalities other than those required under this Title, and the said succession shall be effective as regards third parties. 216 CAP. 386.] COMP ANIES (2) Where the acquiring commercial partnership or the new commercial partnership , as the case may be, is a partnership en nom collectif , the unlimited liability of all the partners thereof shall als o extend to the obligations of th e commercial partnership or partnerships ceasing to exist. (3) Where the acquiring commercial partnership or the new commercial partnership as the case may be is a partnership en commandite or limited partnership the unlimited liability of all the general partners thereof shall also extend to the obligations o f the commercial partnersh ip or partnerships ceasing to exist. TITLE II - AMALGAMATION OF COMPANIES Amalgamation in the form of a "merger by formation of a new company" or "merger by acquisition". Amended by: IV . 2003.128.