(1) In this Chapter "division by acquisition" means an operation consisting of the following: (a) 2 or more companies (each of which is referred to in this Chapter as a "successor company"), of which one or more but not all may be a new company, acquire between them all the assets and liabilities of another company that is dissolved without going into liquidation (referred to in this Chapter as the "transferor company"); and (b) such acquisition is - (i) in exchange for the issue to the shareholders of the transferor company of shares in one or more of the successor companies, with or without any cash payment; and (ii) with a view to the dissolution of the transferor company.
(2) In this Chapter "division by formation of new companies" means an operation consisting of the same elements as a division by acquisition (as defined in subsection (1)) consists of save that the successor companies have been formed for the purposes of the acquisition of the asset
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