C-67.3 - Act respecting financial services cooperatives

Section 282.1 Disposition versions

2018-07-13

282.1. In an amalgamation by absorption,

(1)  the officers of the amalgamated credit union are those of the absorbing credit union;

(2)  the mode of election of the officers to be elected after the amalgamation is the same as that prescribed for the election of the officers of the absorbing credit union;

(3)  the composition of the share capital of the amalgamated credit union is that of the share capital of the absorbing credit union, and the shares of the amalgamating credit unions are converted into shares of the amalgamated credit union;

(4)  the provisions of the articles of amalgamation concerning the head office, as well as the conditions and restrictions concerning the exercise of certain powers or the pursuit of certain activities, are identical to those set out in the articles of the absorbing credit union; and

(5)  the by‑laws of the amalgamated credit union are those of the absorbing credit union.

2018, c. 23, s. 170.