Part 5Removal from register, amalgamation, liquidation, and other processes
Amalgamations
194Approval of amalgamation proposal
The committee of each amalgamating society must resolve that,—
- in its opinion, the amalgamation is in the best interests of the amalgamating society; and
- the committee is satisfied, on reasonable grounds, that the amalgamated society will, on amalgamation, satisfy the solvency test under section 195.
The amalgamation proposal must be approved by each amalgamating society—
- by a resolution that is approved by a simple majority or, if a higher majority is required by the constitution, that higher majority, of the votes of those members entitled to vote and voting on the question; and
- in accordance with its constitution.