Companies Act 2014 section 488

Division may not be put into effect save under and in accordance with this Chapter

Section 488 establishes that a corporate division can only be carried out in accordance with the rules set out in this Chapter, and that all required external approvals must also be obtained.

• A division may only be put into effect under and in accordance with the provisions of this Chapter.
• As an alternative, it is possible to proceed under Chapter 1 of the same Part to achieve the same or a similar result.
• A division will not take effect if any approval, authorisation or consent required by other legislation or an EU act has not been obtained.
• This requirement for external approvals applies equally whether the division is carried out under this Chapter or under Chapter 1.