Section 241 - Mergers

(1) Sections 259 to 274 do not apply where a company, in respect of which an arrangement or compromise is proposed, is being wound up.

(2) Two or more companies referred to in sections 259 to 274 as “the merging companies” may be parties to a merger as defined in this Act and continue as one company.

(3) In sections 259 to 274, a reference to a “merging company” is

(a) in relation to a merger by absorption, to the transferor and transferee companies; and

(b) in relation to a merger by formation of a new company, to the transferor company.