(1) Where a merger is proposed to be entered into, the directors of the merging companies shall draw up common draft terms of merger and approve those terms in writing.
(2) The common draft terms of merger shall state, at least:
(a) in relation to each of the transferor companies -
(i) its name,
(ii) its registered office, and
(iii) its registered number;
(b) in relation to the successor company -
(i) where the successor company is an existing company, the particulars specified in subparagraphs (i) to (iii) of paragraph (a), or
(ii) where the successor company is a new company yet to be formed, what are proposed as the particulars specified in subparagraphs (i) and (ii) of that paragraph;
(c) except in the case of a merger by absorption -
(i) the proposed share exchange ratio and amount of any cash payment,
(ii) the proposed terms relating to allotment of shares or other securities in the successor company, and
(iii) the date from which the holding of shares or other securities in the
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