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Section 956 of The Companies Act No. 17 of 2015: Report on material changes of assets of transferor company involved in division

    

(1) The directors of the transferor company shall report—
(a) to every meeting of the members, or a specified class of members, of that company convened for the purpose of agreeing to the scheme; and
(b) to the directors of each existing transferee company, any material changes in the property and liabilities of the transferor company occurring between the date when the draft terms were adopted and the date of the meeting.
(2) The directors of each existing transferee company shall in turn—
(a) report those matters to every meeting of the members, or a specified class of members, of that company convened for the purpose of agreeing to the scheme; or
(b) send a report of those matters to every member entitled to receive notice of such a meeting.
(3) The requirements of this section are subject to section 962.

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Disclaimer: This document is not to be taken as legal advise.

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