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Marginal note:Amalgamation

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• Marginal note:Where Bank Act applies

  (3) Prior to an amalgamation under subsection (1), if there are no parties to the amalgamation other than IAC Limited, the Bank or any wholly owned subsidiary of either of them, the Governor in Council may, by order, prescribe that, notwithstanding any provision of the Bank Act, the proposed amalgamation agreement need not be submitted to the shareholders of IAC Limited.

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• Marginal note:Confirming agreements

  (10) The Bank may enter into such agreements as may be reasonably necessary to confirm that any indebtedness to which subsection (4) applies remains outstanding after the amalgamation as indebtedness of the Bank, and that any debentures to which subsection (5) applies are convertible after the amalgamation into shares of the Bank to be issued on such conversion.

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