Compante, [Ch. 31. No. 1.

(5) In this section the expression company
means any company lable to be wound up under this
Ordinance, and the expression “arrangement — includes a
re-organisation of the share capital of the company by the
consolidation of shares of different classes or by the division
of shares into shares of different classes or by both those
methods.

152. (1) Where an application is made to the Court under
the last foregoing section of this Ordinance for the sanction-
ing of a compromise or arrangement proposed between a
company and any such persons as are mentioned in that
section, and it is shown to the Court that the compromise
or arrangement has been proposed for the purposes of or in
connection wilh a scheme for the reconstruction of any
company or companies or the amalgamation of any two or
more companic. and that under the scheme the whole or
any part of the undertaking or the property of any company
concerned in the scheme (in this section referred to as “a
transferor company ”’) is to be transferred to another com-
pany (in this section referred to as “the transferee
company ’’), the Court may, cither by the order sanctioning
the compromise or arrangement or by any subsequent
order, make provision for all or any of the following
matters-—

(a) the transfer to the transferee company of the
whole or any part of the undertaking and of the property
or liabilities of any transferor company;

(6) the allotting or appropriation by the transferee
company of any shares, debentures, policies, or other
like interests in that company which under the com-
promise or arrangement are to be allotted or appro-
priated by that company to or for any person;

(c) the continuation by or against the transferee
company of any legal proceedings pending by or against
any transferor company;

(d) the dissolution, without winding up, of any
transferor company;

(e) the provision to be made for any persons, who
within such time and in such manner as the Court
direct, dissent from the compromise or arrangement ;

28 (2)

435

Provisions
for facilita-
ting recon-
struction and
amalgamia-
tion of
companies.