Clause 144

by deleting subsection (1) and substituting the following subsection:“(1) In sections 215C(2)(c) and 215D(5), “solvency statement”, in relation to an amalgamated company, means a declaration in writing by the board of directors of each amalgamating company that it has formed the opinion —

that the amalgamated company will be able to pay its debts as they fall due as at the date on which the amalgamation is to become effective; and (b)that the value of the amalgamated company’s assets will not be less than the value of its liabilities (including contingent liabilities).”; and (b)by deleting the words “section 201(1A), (3) and (3A)” in subsection (3)(a)(i) and substituting the words “section 201(2) and (5)”.