I-13.2.2 - Deposit Institutions and Deposit Protection Act

Section 40.27 Disposition versions

2019-06-13

40.27. The articles of amalgamation/continuance must contain the provisions required to be set out in the articles of constitution of a business corporation that elects to become regulated by Title III of the Trust Companies and Savings Companies Act (chapter S-29.02), except the particulars concerning the founders.

They must also contain the following information as regards the shares issued by the amalgamating financial services cooperatives:

(1)  the manner in which they are to be converted into shares of the Québec savings company resulting from the amalgamation/continuance;

(2)  if the shares of one of the financial services cooperatives are not to be wholly converted into shares of the savings company, the amount of money or other form of payment the holders of those shares will be entitled to receive in addition to or instead of shares of the Québec savings company resulting from the amalgamation/continuance;

(3)  if applicable, the amount of money or other form of payment that is to be received instead of fractional shares of the Québec savings company resulting from the amalgamation/continuance; and

(4)  if applicable, a provision stating that any shares of a financial services cooperative held by another legal person belonging to the cooperative group are to be cancelled when the amalgamation/continuance becomes effective without any repayment of capital in respect of those shares, and that such shares are not to be converted into shares of the Québec savings company resulting from the amalgamation/continuance.

2018, c. 23, s. 376.

2018-07-13

40.27. The articles of amalgamation/continuance must contain the provisions required to be set out in the articles of constitution of a business corporation that elects to become regulated by Title III of the Trust Companies and Savings Companies Act (2018, chapter 23, section 395), except the particulars concerning the founders.

They must also contain the following information as regards the shares issued by the amalgamating financial services cooperatives:

(1)  the manner in which they are to be converted into shares of the Québec savings company resulting from the amalgamation/continuance;

(2)  if the shares of one of the financial services cooperatives are not to be wholly converted into shares of the savings company, the amount of money or other form of payment the holders of those shares will be entitled to receive in addition to or instead of shares of the Québec savings company resulting from the amalgamation/continuance;

(3)  if applicable, the amount of money or other form of payment that is to be received instead of fractional shares of the Québec savings company resulting from the amalgamation/continuance; and

(4)  if applicable, a provision stating that any shares of a financial services cooperative held by another legal person belonging to the cooperative group are to be cancelled when the amalgamation/continuance becomes effective without any repayment of capital in respect of those shares, and that such shares are not to be converted into shares of the Québec savings company resulting from the amalgamation/continuance.

2018, c. 23, s. 376.