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C-67.3 - Act respecting financial services cooperatives
Section 547.41
Disposition versions
547.41. An amalgamation of credit unions ordered by the Fund under subparagraph 2 of the first paragraph of section 547.34 does not require a resolution of the general meeting, a resolution of the board of directors of the amalgamating credit unions or an amalgamation agreement; the articles of amalgamation are prepared by the Federation.
Despite section 282, the amalgamation may be by absorption even if the absorbed credit union’s liabilities consisting of members’ deposits exceed 25% of the absorbing credit union’s liabilities consisting of members’ deposits.
Not in force
547.41. An amalgamation of credit unions ordered by the Fund under subparagraph 2 of the first paragraph of section 547.34 does not require a resolution of the general meeting, a resolution of the board of directors of the amalgamating credit unions or an amalgamation agreement; the articles of amalgamation are prepared by the Federation.
Despite section 282, the amalgamation may be by absorption even if the absorbed credit union’s liabilities consisting of members’ deposits exceed 25% of the absorbing credit union’s liabilities consisting of members’ deposits.
