Part 12 — Fundamental Changes
279 Definition of "arrangement"
(a) a continuance for the purpose of amalgamation;
(b) an amendment to the articles of a cooperative;
(c) an amalgamation of 2 or more cooperatives;
(d) an amalgamation of a corpor ation with a cooperative that
results in an amalgamated cooperative;
(e) an amalgamation of 2 corporations to become a cooperative;
(f) a division of the business carried on by a cooperative;
(g) a transfer of all or substantially all of the property of a
cooperative to another corporation in exchange for property,
money or securities of the corporation;
(h) an exchange of securities of a cooperative for property,
money or other securities of the cooperative or property,
money or securities of another corporation;
(i) a liquidation and dissolution of a cooperative;
(j) any combination of the events set out in clauses (a) to (i ).
(2) An application may be made to the Court by a cooperative for
an order approving an arrangement in respect of the cooperative.
(3) If an arrangement can be effected under any other provision of
this Act, an application may not be made under this section unless
it is impractical to effect the arrangement under that other
provision.
(4) If an application is made under this section, the Court may
make any order it thinks fit, including an order
(a) respecting the giving of notice of the application,
(b) respecting the representati on of the interests of members or
investment shareholders,
(c) requiring meetings of the cooperative to be held,
(d) permitting investment share holders to dissent under section
277, and
(e) approving an arrangement in any manner the Court may
direct.
(5) The Court may not make an order that would result in the
cooperative
(a) no longer being organized or operating or carrying on
business on a cooperative basis, and
(b) if the cooperative is subject to Part 18, not complying wi th
the applicable division of Part 18.
(6) Repealed 2014 c17 s58.
(7) If an order is made under subsection (4)(e), articles of
arrangement in the form that the Registrar sets, together with a
notice of registered office and notice of change of directors, if
applicable, must be sent to the Registrar.
2001 cC-28.1 s279;2008 c43 s3;2014 c17 s58;2022 c16 s3(91);
2023 c9 s6