(1) In this Part -
(a) "merger by acquisition" means an operation whereby an existing company ("the acquiring company") acquires all the assets and liabilities of another company or companies in exchange for the issue to the shareholders of the company or companies being acquired of shares in the acquiring company, with or without any cash payment, and with a view to the dissolution of the company or companies being acquired; and
(b) "merger by formation of a new company" means a similar operation where the acquiring company has been formed for the purpose of such acquisition.
(2) Where a company is being wound up it may -
(a) become a party to a merger by acquisition or by formation of a new company, provided that the distribution of its assets to its shareholders has not begun at the date, under Regulation 6 (4), of the draft terms of merger, or
(b) opt to avail of the provisions of sections 201 to 204, 260 and 271 of the Act of 1963.
(3) Subject to paragraph (2), the