58. Upon petition by a municipality, the Lieutenant-Governor may, by the letters patent incorporating a corporation under section 57, enact that such corporation succeeds a corporation then existing and declare the latter dissolved, provided that the latter has agreed thereto by resolution of its director or directors or its members, as the case may be.
Upon petition by a corporation constituted under section 57, the Lieutenant-Governor may make a similar provision in favour of the petitioning corporation which has agreed thereto by its director or directors.
The corporation succeeding the corporation dissolved shall be vested with all its rights, property and privileges and bound by its obligations from the date of issue of such letters patent; any disposition of property made in favour of the corporation dissolved shall be considered as made to the corporation succeeding it and all proceedings commenced by or against the corporation dissolved may validly be commenced or continued by or against the corporation succeeding it.
The succeeding corporation shall cause to be registered, in conformity with the laws respecting registration, at the registry offices of the places where the immoveables are situated, a declaration showing the transmission of immoveables resulting from this act and the provisions of its letters patent and describing, according to law, the immoveables so transmitted.