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).

            Related Sections

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