| (b) |
dispose of any part of its assets, undertaking or business to a profit company, other than for fair value, except to the extent that such a disposition of an asset occurs in the ordinary course of the activities of the non-profit company. |
| (2) |
If a non-profit company has voting members, any proposal to— |
| (a) |
dispose of all or the greater party of its assets or undertaking; or |
| (b) |
amalgamate or merge with another non-profit company, |
must be submitted to the voting members for approval, in a manner comparable to that required of profit companies in accordance with sections 112 and 113, respectively.
| (3) |
Sections 115 and 116, read with the changes required by the context, apply with respect to the approval of a proposal contemplated in subitem (2). |
Maintenance Act, 1998
