Companies Act (Cap. 386), article 371

371. (1) A division shall have t he following consequences: (a) the recipient companies shall succeed to all the assets, rights, liabilities and obligations of the company to be divided, both as between the company to be divided and the recipient companies and as regards third parties without the requirement of any formalities other than those arising under this Part; (b) the shareholders of the company to be divided shall become shareholders of one or more of the recipient companies; and (c) the company to be divide d shall cease to exist. COMP ANIES [CAP. 386. 233 (2) No shares in a recipient co mpany shall be exchanged for shares held in the company to be divided either - (a) by that recipient company; or (b) by the company to be divided. (3) The division shall not prejudice the rights enjoyed by the creditors of the company to be divided over any of the assets o f that company. (4) Where the assets of the company to be divided include immovable property or rights relating thereto, the directors of the recipient companies shall cause w ithin one month from the comin g into force of the division, a declaratory public deed to be pub lished, containing a detailed description and the allocation of the immovable property or rights rel ating thereto de livered to each of the recipient companies, and a true copy of the said deed shall be lodged with the Registrar within fourteen days from the enrolme nt thereof at the Public Registry. Liability of director or expert for wilful or negligent misconduct. Amended by: IV . 2003.141.