C-67.2 - Cooperatives Act

Section 173 Disposition versions

2019-05-31

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.

2011-02-14

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.

1982, c. 26, s. 173; 2003, c. 18, s. 87; 2009, c. 52, s. 563.

2005-11-17

173. A cooperative and a company governed by Part I or IA of the Companies Act (chapter C‐38) 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 company 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.

1982, c. 26, s. 173; 2003, c. 18, s. 87.

1983-12-21

173. A cooperative and a company governed by Part I or IA of the Companies Act (chapter C-38) 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 company 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 and the regulations thereunder;

(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.

1982, c. 26, s. 173.