Assurance Companies. [Ch. 31. No. 19.

 

 

(2) The Court, after hearing the directors and other
persons whom it considers entitled to be heard upon the
petition, may sanction the arrangement if it is satisfied
that no sufficient objection to the arrangement has been
established.

(3) Before any such application is made to the
Court—

(2) notice of the intention to make the application
shall be published in the Royal Gazette; and

(6) a statement of the nature of the amalgamation
or transfer, as the case may be, together with an
abstract containing the material facts embodied in
the agreement or deed under which the amalgamation or
transfer is proposed to be effected, and copies of the
actuarial or other reports upon which the agreement or
deed is founded, including a report by an independent
actuary, shall, unless the Court otherwise directs,
be transmitted to each policy holder of each company
through the post directed according to the registered
address or other known address of the policy holder:
Provided that it shall not be necessary to transmit
such statement and other documents to policy holders
other than life, endowment, sinking fund, or bond
investment policy holders, nor in the case of a transfer
to such policy holders if the business transferred is not
life assurance or bond investment business; and

(c) the agreement or deed under which the amalgama-
tion or transfer is effected shall be open for the inspection
of the policy holders and shareholders at the offices
of the companies for a period of fifteen days after the
publication of the notice in the Royal Gazette.

(4) No assurance company shall amalgamate with
another, or transfer its business to another, unless the
amalgamation or transfer is sanctioned by the Court in
accordance with this section.

16. Where an amalgamation takes place between any
assurance companies, or where any assurance business of
one such company is transferred to another company, the
combined company or the purchasing company, as the case
may be, shall, within ten days from the date of the

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Statements
in case of
amalgama-
tion or
transfer.