(1) Subject to paragraph (12), each of the companies involved in the division shall appoint an independent person to examine the draft terms of division and to prepare a written report on them to the shareholders of the company concerned.
(2) No person shall act as an independent person for the purposes of paragraph (1) unless he is authorised by the Minister on application by the company concerned to be such a person for the purposes of the proposed division.
(3) One or more independent persons may be authorised by the Minister on joint application by the companies involved in the division for all the said companies.
(4) None of the following persons shall be qualified to act as an independent person in respect of a proposed division -
(a) a person who is or, within 12 months of the date of the draft terms of division, has been an officer or servant of the company;
(b) except with the leave of the Minister, a parent, spouse, brother, sister or child of an officer of the company;