Section 186.1 — Canada Business Corporations Act: Amalgamation under other federal Acts

Subject to subsection (2), a corporation may not amalgamate with one or more bodies corporate pursuant to the Bank Act , the Canada Cooperatives Act , the Cooperative Credit Associations Act , the Insurance Companies Act or the Trust and Loan Companies Act unless the corporation is first authorized to do so by the shareholders in accordance with section 183. A corporation may not amalgamate with one or more bodies corporate pursuant to the provisions of one of the Acts referred to in subsection (1) respecting short-form amalgamations unless the corporation is first authorized to do so by the directors in accordance with section 184. On receipt of a notice satisfactory to the Director that a corporation has amalgamated pursuant to one of the Acts referred to in subsection (1), the Director shall file the notice and issue a certificate of discontinuance in accordance with section 262. For the purposes of section 262, a notice referred to in subsection (3) is deemed to be articles that are in the form that the Director fixes. This Act ceases to apply to the corporation on the date shown in the certificate of discontinuance. For greater certainty, section 185 does not apply to a corporation that amalgamates pursuant to one of the Acts referred to in subsection (1).