(1) Subject to paragraph (6), a report to the shareholders of an Irish merging company on the draft terms shall be drawn up in accordance with this Regulation and be made available to the members not less than 30 days before the date of the general meeting referred to in Regulation 35.

(2) Where the approval of a cross-border merger by the general meeting of an acquiring company is not required in accordance with Regulation 36, the report shall be made available at least 30 days before the date of the general meeting of the other merging company or companies.

(3) The report shall be drawn up by a person or persons (in this Regulation referred to as the "expert"), being -

(a) a person appointed for the Irish merging company by its directors,

(b) a person or persons, appointed by the Court, on the application of all of the merging companies, for all of them, or

(c) a person appointed for all of the merging companies for the purposes of Article 125(2) of the Directive by an authority of an EEA state other than the State.