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Confirmation and sanction of amalgamation scheme by the High Court.
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31.—(1) When the Minister has approved (either with or without amendment) of a scheme submitted to him under this Part of this Act, the promoting companies or the Minister may apply to the High Court for confirmation and sanction of such scheme.
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(2) Before making an application to the High Court under this section for the confirmation and sanction of a scheme, the promoting companies or the Minister (as the case may be) shall—
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(a) cause notice of the approval of the scheme by the Minister and of the intention of the promoting companies or the Minister (as the case may be) to apply to the High Court for confirmation and sanction of such scheme to be published at least once in Iris Oifigiúil, and
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(b) for at least fifteen days before making such application keep at the office of each of the promoting companies or the office of the Minister (as the case may require) copies of the agreements, deeds, and other arrangements which form the basis of such scheme, and permit policy holders and shareholders in any of the promoting companies to inspect such copies free of charge, and
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(c) unless the High Court otherwise directs, give notice of such scheme by advertisement once in Iris Oifigiúil and once in each of two daily newspapers published in Saorstát Eireann and every such advertisement shall contain the following particulars, that is to say:—
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(i) a statement of the nature of the proposed amalgamation and the proposed transfer, if any, and
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(ii) a summary of the material facts contained in the agreements, deeds, or other arrangements which form the basis of such scheme, and
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(iii) the place where and the times at which any report furnished to the Minister with such scheme may be inspected.
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(3) On the hearing of an application under this section for the confirmation and sanction of a scheme the High Court, after hearing the promoting companies and the Minister and such other persons as it considers entitled to be heard, may, if it so thinks fit, confirm and sanction such scheme either unconditionally or with such modifications as it may think fit to make therein, and may, whether it does or does not confirm and sanction such scheme, make such order as to the costs of such application and the parties by whom such costs are to be borne as shall appear to the said Court to be just and equitable having regard to all the circumstances.
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