acquiring company — ‘each of the recipient companies’ and the expression 3.

company being acquired — ‘the company being divided’, the expression 3.

division by acquisition — the operation whereby, after being wound up without going into liquidation, a company transfers to more than one company all its assets and liabilities in exchange for the allocation to the shareholders of the company being divided of shares in the companies receiving contributions as a result of the division (hereinafter referred to as ‘recipient companies’) and possibly a cash payment not exceeding 10 % of the nominal value of the shares allocated or, where they have no nominal value, of their accounting par value 1.

division by the formation of new companies — the operation whereby, after being wound up without going into liquidation, a company transfers to more than one newly-formed company all its assets and liabilities in exchange for the allocation to the shareholders of the company being divided of shares in the recipient companies, and possibly a cash payment not exceeding 10 % of the nominal value of the shares allocated or, where they have no nominal value, of their accounting par value 1.

draft terms of merger — ‘draft terms of division’ 3.

merging companies — ‘the companies involved in a division’, the expression 3.