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8 (1) The sale agreement shall be submitted to the shareholders of the Bank at a special meeting duly called for the purpose only of determining whether the shareholders approve the consideration obtained by the Bank for the assets sold to the purchasing bank.

Marginal note:Notice of meeting

(2) The directors of the Bank shall cause a copy of the sale agreement to be sent by registered mail to every shareholder of the Bank at his recorded address at least two weeks prior to the date of the meeting referred to in subsection (1), together with a notice of the time and place of the holding of the meeting and a management proxy circular.

Marginal note:Resolution to be placed before shareholders

(3) At the meeting of the shareholders a resolution shall be placed before the shareholders to approve the consideration obtained by the Bank.

9 (1) If, at the meeting of the shareholders, the resolution referred to in subsection 8(3) is carried by a majority of the votes cast by the shareholders present in person or represented by proxy at the meeting, the trust amount shall forthwith be released to the Bank.

Marginal note:Where resolution not carried

(2) If the resolution is not carried as described in subsection (1), the Governor in Council shall, as soon as practicable after the meeting of the shareholders, appoint an assessor.

Footnote ^*(3) As soon as practicable after his appointment, the assessor shall determine

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• (b) any net realizable value of the assets and obligations retained by the Bank under the sale agreement, hereinafter in this section referred to as the “net retained value”.

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Marginal note:Determination factors

(4) In making the determination under subsection (3), the assessor shall take account of all such facts as the assessor deems relevant relating to the circumstances of the Bank including, without limiting the generality of the foregoing, the likelihood, in the absence of the sale agreement,

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Marginal note:Release conditions

(10) Notwithstanding subsections (8) and (9), the trust amount or any portion thereof that is to be released to the Bank under this section shall be released subject to the provisions of the sale agreement including any rights, remedies and protections provided in the agreement in favour of the purchasing bank.