Cap. 386 Art. 369Protection of holders of securities in a division.

The holders of securities, other than shares, to which special rights are attached, shall be given rights in the recipient companies against which such securities may be invoked in accordance with the draft terms of division, at least equivalent to the rights they possessed in the company to be divided, 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 these securities are entitled to have their securities repurchased.