(1) A draft of the proposed terms of the scheme must be drawn up and adopted by the directors of the merging companies.
(2) The draft terms must give particulars of at least the following matters -
(a) in respect of each transferor company and the transferee company -
(i) its name,
(ii) the address of its registered office, and
(iii) whether it is a company limited by shares or a company limited by guarantee and having a share capital;
(b) the number of shares in the transferee company to be allotted to members of a transferor company for a given number of their shares (the "share exchange ratio") and the amount of any cash payment;
(c) the terms relating to the allotment of shares in the transferee company;
(d) the date from which the holding of shares in the transferee company will entitle the holders to participate in profits, and any special conditions affecting that entitlement;
(e) the date from which the transactions of a transferor company are to be treated for accounting purpo
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