Merger by way of consolidation shall be effected by adopting the following procedures: 1. Each of the companies intended to be consolidated shall issue a resolution for its dissolution and establishment of the new company in accordance with the rules required under this Law. 2. The assets and obligations of the companies intended to be consolidated shall be evaluated in accordance with the legally applicable rules and then transferred to the new company. 3. The new company shall be established with a share capital which shall not be less than the net value of the assets of the companies under dissolution. A number of shares shall be alloted to each consolidated company equal to its contribution or shares in the share capital of the new company and such shares shall be divided among the partners or shareholders in each consolidated company in the proportion of their contributions or shares therein.
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