32A
In forcePDFs may merge
Part 4Regulation of PDFs
Division 2Other provisions regulating the capital structure and activities of PDFs
32A PDFs may merge
(1)
A PDF (the investor PDF) may acquire shares in another PDF (the investee PDF) if, and only if, the acquisition is part of a process of the 2 PDFs merging into one PDF.
(2)
Any consideration given to the shareholders in the investee PDF for the acquisition must be in the form of:
(a)
shares in the investor PDF; or
(b)
a genuine dividend payable from any undistributed profits of the investee PDF;
or both.
(3)
The investor PDF must give the Board written notice before making an acquisition allowed by this section.
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