Part 12 — Fundamental Changes
272 Approval
approval to a meeting of the members and to a meeting of the
investment shareholders of each of the amalgamating cooperatives
of which they are directors and, subject to subsection (5), to the
holders of each class or series of investment shares.
(2) A notice of a meeting of members or investment shareholders
that meets the requirements of the regulations must be sent in
accordance with the regulations to each member and investment
shareholder of each amalgamating cooperative and must
(a) include or be accompanied with a copy or summary of the
amalgamation agreement, and
(b) state that a dissenting investment shareholder is entitled to
the benefit of section 277.
(3) Failure to make the statement referred to in subsection (2)(b)
does not invalidate an amalgamation.
(4) Each investment share carries the right to vote with respect to
an amalgamation agreement whether or not it otherwise carries the
right to vote.
(5) The investment shareholders of a class or series of investment
shares are entitled to vote separately as a class or series in respect
of the amalgamation agreement if it contains a provision that, if
contained in a proposed amendment to the articles, would entitle
the investment shareholders to vote in accordance with section 116.
(6) Subject to subsection (5), an amalgamation agreement is
adopted when the members of each amalgamating cooperative and,
if any of the amalgamating cooperatives has issued investment
shares, the investment shareholders, have approved the
amalgamation agreement by separate special resolutions.
(7) An amalgamation agreement may provide that at any time
before the issue of a certificate of amalgamation pursuant to section
274(4) the agreement may be terminated by the directors of an
amalgamating cooperative even if the agreement has been
approved by the members and investment shareholders of all or any
of the amalgamating cooperatives.