(1) In this Part -
(a) "division by acquisition" means an operation whereby two or more companies ("the acquiring companies") of which one or more but not all may be a new company acquire between them all the assets and liabilities of another company in exchange for the issue to the shareholders of that company of shares in one or more of the acquiring companies with or without any cash payment and with a view to the dissolution of the company being acquired, and
(b) "division by formation of new companies" means a similar operation whereby the acquiring companies have been formed for the purposes of such acquisition.
(2) Where a company is being wound up it may -
(a) become a party to a division by acquisition or by formation of new companies, provided that the distribution of its assets to its shareholders has not begun at the date, under Regulation 26 (4), of the draft terms of division, or
(b) opt to avail of the provisions of sections 201 to 204, 260 and 271 of the