(1) If a corporation (
company A ) has an interest in an entity and there is a merger of company A
with and into another corporation ( company B ) in circumstances where neither
subsection (2) nor subsection (3) applies, company B is taken to acquire that
interest.
(2) If 2 or more
corporations (the merging corporations ) merge in circumstances where another
corporation ( company C ) results as a consequence of the merger, and any of
the merging corporations has an interest in an entity, company C is taken to
acquire that interest.
(3) If 2 or more
corporations (the merging corporations ) merge with and into each other in
circumstances where each of the merging corporations continues in existence,
and any of the merging corporations has an interest in an entity, the merging
corporations are taken to acquire, jointly, 50% of that interest.
[Section 160A inserted: No. 12 of 2019 s. 71.]