(1) Whenever the Court sanctions under section 13 of the Assurance Companies Act, 1909, the amalgamation of two or more insurance companies or the transfer of insurance business of any class from one insurance company to another or an amalgamation or transfer as aforesaid is to be effected which does not require the sanction of the Court under that section, the Court shall, having had regard to all the liabilities of the companies, by the order granting the sanction, or where sanction under the said section is not required, upon application being made to it, provide for such of the following matters as the circumstances require:
(a) the transfer to the transferee company of the whole or any part of the undertaking and of the property or liabilities of any transferor company;
(b) the allotting or appropriation by the transferee company of any shares, debentures, policies or other like interests in that company which under the amalgamation or transfer are to be allotted or appropriated b
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