Companies Act (Cap. 386), article 354

354. (1) An amalgamation shall have the following consequences: (a) the acquiring company shal l succeed to all the assets, rights, liabilities and obligations of the companies being acquired, both as between the companies being acquired and the acquiring company and as regards third parties, without the requirement of any formalities other than those arising under this Title; (b) the shareholders of the companies being acquired shall become shareholders of th e acquiring company; and (c) the companies being acqui red shall cease to exist. (2) No shares in the acquiring company shall be exchanged for shares in the companies being acquired held either - (a) by the acquiring company; or (b) by the companies being acquired. (3) Where the assets of a company being acquired include immovable property or rights relating thereto, the directors of the acquiring company shall cause within one month from the coming into force of the amalgamation, a declaratory public deed to be published, containing a detailed description of the immovable property or rights relating thereto delivered to the acquiring company, and a true copy of the said deed shall be lodged with the Registrar within fourteen days fr om the enrolment thereof at th e Public Registry. Liability of director or expert for misconduct.