(1) This section applies in the case of a merger by absorption where 90% or more (but not all) of the relevant securities of the transferor company (or, if there is more than one transferor company, of each of them) are held by or on behalf of the transferee company.
(2) If the conditions in subsections (3) and (4) are met, the requirements of the following sections do not apply -
(a) section 908 (directors' explanatory report),
(b) section 909 (expert's report),
(c) section 910 (supplementary accounting statement),
(d) section 911 (inspection of documents), and
(e) section 911B (report on material changes of assets of merging company).
(3) The first condition is that the scheme provides that every other holder of relevant securities has the right to require the transferee company to acquire those securities.
(4) The second condition is that, if a holder of securities exercises that right, the consideration to be given for those securities is fair and reasonable.
(5) The powers of the
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