163. From the date of taking effect appearing on the articles of amalgamation, the cooperatives that have amalgamated continue in existence as one and the same cooperative.
The resulting cooperative acquires the rights of the amalgamated cooperatives and assumes their obligations. Proceedings pending by or against the amalgamating cooperatives may be continued without continuance of suit.
However, the cooperatives that have amalgamated may, if so authorized in the agreement and notwithstanding the date on which the amalgamation takes effect, call and hold a general meeting of their members to allocate the operating surplus or surplus earnings from their last fiscal year to the allotment of rebates to their members and auxiliary members, if any, or to the reserve of the cooperative resulting from the amalgamation; where applicable, the latter cooperative is empowered to carry out any decision made at the meetings.
1982, c. 26, s. 163; 1995, c. 67, s. 102; 2001, c. 36, s. 39; 2003, c. 18, s. 81.