E-3.2 - Election Act

Section 340 Disposition versions

1985-03-13

340. The chief electoral officer shall refuse to authorize a merger where he has reasonable cause to believe that by reason of the merger

(1)  the party and the authorities that will result from a merger would not be able to discharge their outstanding liabilities; or

(2)  the book value of the assets of the party and authorities that will result from a merger would be less than their liabilities.

Section 334 applies to the merger of authorized parties.

The chief electoral officer may require the applying parties or their authorities to remit to him any book, account or document relating to their financial affairs. He may also require that the balance-sheets of the applying parties be audited by an auditor.

1984, c. 51, s. 340.