Cap. 442 Art. 97New societies. Cap. 364. Cap. 123.

(1) An acquiring society referred to in article 96, or a new society set up in terms of article 95, shall succeed to all the assets, rights, liabilities or obligations of the society or societies ceasing to exist by virtue of the act of amalgamation, without the requirement for any formalities, and the said succession shall thereupon be effective even as regards third parties.

(2) The succession to all assets, rights, liabilities or obligations of the society or societies ceasing to exist by the acquiring or by the new society, as the case may be, shall not give rise to any liability for the payment of any duty or tax under the

Duty on Documents and Transfers Act or the Income Tax Act.