Producer Company amalgamation: members and creditors given notice and dissent options; judicial appeal available post-resolution. A Producer Company may transfer assets and liabilities, divide, amalgamate or merge with other Producer Companies by a members' resolution passed by at least a two thirds majority. Notice of the proposed resolution must be given to all members and creditors who may consent or, within the option period, exercise dissent rights (share transfer with board approval for members; withdrawal of deposits or loans for creditors). The resolution must specify measures for vesting of assets, treatment of agreements, provision for dissenters, and related incidental matters; upon effect the resolution vests assets in the transferee and leads to cancellation of the transferor's registration, subject to preservation of pre existing rights and an available judicial appeal.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Producer Company amalgamation: members and creditors given notice and dissent options; judicial appeal available post-resolution.
A Producer Company may transfer assets and liabilities, divide, amalgamate or merge with other Producer Companies by a members' resolution passed by at least a two thirds majority. Notice of the proposed resolution must be given to all members and creditors who may consent or, within the option period, exercise dissent rights (share transfer with board approval for members; withdrawal of deposits or loans for creditors). The resolution must specify measures for vesting of assets, treatment of agreements, provision for dissenters, and related incidental matters; upon effect the resolution vests assets in the transferee and leads to cancellation of the transferor's registration, subject to preservation of pre existing rights and an available judicial appeal.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.