(1) A draft of the proposed terms of the scheme must be drawn up and adopted by the directors of each of the companies involved in the division.
(2) The draft terms must give particulars of at least the following matters -
(a) in respect of the transferor company and each 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 a transferee company to be allotted to members of the 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 a transferee company;
(d) the date from which the holding of shares in a 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 the transferor company are to be treat
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