Cap. 386 Art. 352Protection of holders of securities in an amalgamation.

The holders of securities, other than shares, in the companies being acquired, to which special rights are attached shall be given rights against the acquiring company in accordance with the draft terms of merger at least equivalent to those they possessed in the companies being acquired, unless -

(a) the holders of those securities individually agree to the alteration of their rights; or

(b) the alteration has been approved by a meeting of the holders of those securities called specifically for the purpose, at which meeting all the holders of such securities shall signify their consent; or

(c) the holders of those securities are entitled to have their securities re-purchased by the acquiring company.