I-13.2.2 - Deposit Institutions and Deposit Protection Act

Section 40.46 Disposition versions

2018-07-13

40.46. Sections 40.15 to 40.19 and 40.24 apply, with the necessary modifications, to any acquirer of the assets and liabilities of a legal person belonging to the cooperative group who, because of such an acquisition, becomes a party to a proceeding to which that legal person was a party, becomes a party to a contract to which that legal person was a party or becomes a member of a legal person or of any other organization of which that legal person was a member.

The prohibition under the first paragraph of section 40.15 and the suspension under the second paragraph of that section are only effective for 90 days from the date of acquisition, but the acquirer may renounce it.

2018, c. 23, s. 376.