Companies Act (Cap. 386), article 351

351. ( 1 ) T h e a m a l g a m a t i o n o f t w o o r m o r e c o m p a n i e s s h a l l not take effect until three months from the date of the last publication of the statement referred to in article 401(1)( e) relating to the extraordinary resolutions approving the amalgamation, referred to in article 350. (2) During the aforesaid period of three months any creditor of any of the amalgamating companie s whose debt existed prior to t he publication of the draft terms of merger in terms of article 34 5(6)(a) may by sworn application object t o the amalgamation and, if he shows good cause why it should not take effect, the court shall either uphold the objection or allow the amalgamation on suffic ient security being given. (3) The provisions of sub-articles (1) and (2) shall apply to th e debenture holders of the amalgamating companies so long as the merger has not already been approved by the debenture holders individually, or by a special meeting of the debenture holders called specifically for the purpose, at which meeting all the debentur e holders shall signify their consent. Protection of holders of securities in an amalgamation.