C-67.3 - Act respecting financial services cooperatives

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281. On the effective date of the amalgamation, the amalgamating credit unions are continued as the amalgamated credit union and their patrimonies are joined together to form the patrimony of the amalgamated credit union. The rights and obligations of the amalgamating credit unions become those of the amalgamated credit union and the latter becomes a party to any judicial or administrative proceeding to which the amalgamating credit unions were a party.
If one of the amalgamating credit unions is a member of a federation, the amalgamated credit union is, by operation of law, a member of that federation.
2000, c. 29, s. 281; 2018, c. 232018, c. 23, s. 168.
281. The amalgamating credit unions are continued as one and the same credit union from the date stated in the certificate.
The amalgamated credit union shall acquire all the rights and assume all the obligations of each of the amalgamating credit unions. Proceedings pending by or against the amalgamating credit unions may be continued without continuance of suit.
2000, c. 29, s. 281.