479Approval of merger

479 Approval of merger

(1) If the local Registrar is the appropriate Registrar, he or she must approve a merger pursuant to an application under this Part if satisfied that:

(a) this Part has been complied with in relation to the application; and

(b) the proposed rules of the merged co-operative are adequate; and

(c) the certificate of registration of the local co-operative has been surrendered to the local Registrar; and

(d) the certificate of registration of the participating co-operative has been surrendered to the Registrar for the participating jurisdiction concerned; and

(e) there is no good reason why the merged co-operative and its rules should not be registered.

(2) If the local Registrar is not the appropriate Registrar, he or she must approve a merger pursuant to an application under this Part if satisfied that the merger has been approved under the provision of the co-operatives law of the participating jurisdiction that corresponds with subsection (1).

(3) On approving an application for merger, the local Registrar must:

(a) cancel the registration of the local co-operative involved in the merger; and

(b) if the merger is to result in a local co-operative, register the merged co-operative and its rules and issue to it a certificate of registration under this Law.

(4) A merger takes effect on the issue of the certificate of registration for the merged co-operative (whether under this Law or under the co-operatives law of the participating jurisdiction concerned).