173. A cooperative and a business corporation governed by the Business Corporations Act (chapter S-31.1) whose shares are wholly held by the cooperative may amalgamate if their boards of directors adopt a resolution which provides that
(1) the shares of the business corporation will be cancelled without reimbursement of the capital represented by these shares;
(2) the articles of amalgamation will be identical to those of the cooperative, taking account, however, of this Act;
(3) the directors of the cooperative resulting from the amalgamation will be those of the amalgamating cooperative and the by-laws of the cooperative resulting from the amalgamation will be those of the amalgamating cooperative.
In such a case, an application for amalgamation must be addressed to the Minister.
1982, c. 26, s. 173; 2003, c. 18, s. 87; 2009, c. 52, s. 563; 2015, c. 3, s. 24.