Schedule 1: Provisions concerning non-profit companies
2: Fundamental transactions
- (1) A non-profit company may not:
- (a) amalgamate or merge with, or convert to, a profit company; or
- (b) dispose of any part of its assets, undertaking or business to a profit company, other than for fair value, except to the extent that such a disposition of an asset occurs in the ordinary course of the activities of the non-profit company.
- (2) If a non-profit company has voting members, any proposal to:
- (a) dispose of all or the greater party of its assets or undertaking; or
- (b) amalgamate or merge with another non-profit company,
- must be submitted to the voting members for approval, in a manner comparable to that required of profit companies in accordance with sections 112 and 113, respectively.
- (3) Sections 115 and 116, read with the changes required by the context, apply with respect to the approval of a proposal contemplated in subitem (2).
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