14. (1) Any company incorporated before February 14th, 1920, for any purpose or object for which letters patent may be issued under this Part, whether under a special or a general act of Québec, other than the act 31 Victoria, chapter 25, or the joint stock companies’ incorporation act, being articles 4694 to 4753 of the Revised Statutes, 1888, or the chapter 48 of the statutes of 1907, or the Québec Companies’ Act, being articles 6002 to 6090 of the Revised Statutes, 1909, and amendments thereto, and now being a subsisting and valid corporation, may apply for letters patent to carry on its business under this Part; and the Minister may direct the issue of letters patent incorporating the shareholders of the said company as a company under this Part.
(2) It shall not be necessary in any such letters patent to set out the names of the shareholders.
(3) Notice of the granting of the letters patent shall be forthwith given by the Minister or the deputy minister of Consumer Affairs, Cooperatives and Financial Institutions, by one insertion in the Gazette officielle du Québec, as in the form prescribed by the Minister.
(4) Subject to such publication, but counting from the issue of such letters patent, all the rights, property and obligations of the former company shall be and become transferred to the new company, and all proceedings may be commenced or continued by or against the new company that might have been commenced or continued by or against the old company.
(5) The company shall thereafter be governed in all respects by the provisions of this Part, except that the liability of the shareholders to creditors of the old company shall remain as at the time of the issue of the letters patent.