847. Certain requirements excluded where shareholders given proportional rights (division)
This section applies in the case of a division where each of the transferee companies is a new company.
(1) If all the shares in each of the transferee companies are to be allotted to the members of the transferor company in proportion to their rights in the allotted share capital of the transferor company, the following requirements do not apply.
(2) The requirements which do not apply are–
(a) the requirements of–
(i) section 835 (directors’ explanatory report),
(ii) section 836 (expert’s report),
(iii) section 837 (supplementary accounting statement), and
(iv) section 840 (report on material changes in assets of transferor company), and
(b) the requirements of section 838 (inspection of documents) so far as relating to any document required to be drawn up under the provisions mentioned in subsection (a)(i), (a)(ii) or (a)(iii) above.