Section 91: Merger
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
91. Merger
(1) A society may, at a special general meeting called for that purpose,
resolve to merge with another society by transferring its assets and liabilities
to another society which is prepared to accept the assets, liabilities and
members of the transferring society.
(2) The receiving society may accept the assets, liabilities and members
of the transferring society referred to in subsection (1) where a resolution to
that effect has been passed at a special general meeting of the receiving
society.
(3) The transferring society shall give at least 3 months’ notice of the
merger to all its creditors.
(4) A creditor of the transferring society shall be entitled to a refund of
any sum due to him if he makes a request in writing to this effect at least
one month before the date fixed for the merger.
(5) A member of the transferring society may, by notice in writing
addressed to the society at least one month before the date fixed for the
proposed transfer, declare his intention not to become a member of the
receiving society and he shall, on making the declaration, be entitled to a
refund of his share.
(6) Where the Registrar receives an application for cancellation of the
registration of the transferring society and is satisfied that this section has
been complied with, he may approve the proposed transfer of assets and
liabilities and cancel the registration of the transferring society.
(7) Any society which is aggrieved by a decision of the Registrar under
subsection (6) may, within 21 days of the date of the decision, appeal to the
Tribunal.
(8) The resolution referred to in subsection (1) and the approval of the
Registrar under subsection (6) shall be sufficient to transfer the assets and
liabilities of the transferring society to the receiving society and the members
of the transferring society shall become members of the receiving society.
(9) A creditor of the transferring society or any other person having a
claim against the transferring society, and whose claim was not satisfied
before the cancellation of the registration of the transferring society, may
pursue his claim against the receiving society.