204 (1) A credit union shall not do any of the following unless authorized to do so by special resolution of the members of the credit union: 1. Sell assets if the market value of the assets is 15 per cent or more of the value of the credit union’s total assets. 2. Purchase assets of a financial institution if the market value of the assets is 15 per cent or more of the value of the credit union’s total assets.  2007, c. 7, Sched. 7, s. 109. Alternative for certain sales (2) A credit union may proceed with a sale described in paragraph 1 of subsection (1) without a special resolution of the members if the sale is in the ordinary course of business and the purchaser pays the purchase price by paying cash.  2007, c. 7, Sched. 7, s. 109. Determination of value of total assets (3) For the purposes of subsection (1), the value of the credit union’s total assets shall be as set out in the audited financial statements placed before the members at the most recent annual meeting.  2007, c. 7, Sched. 7, s. 109. If more than one class of shares (4) If the credit union has more than one class of issued shares, the special resolution referred to in subsection (1) shall be in the form of a special resolution passed by the holders of each class of shares.  2007, c. 7, Sched. 7, s. 109. Agreement and Chief Executive Officer approval required (5) A credit union shall not proceed with a sale or purchase described in subsection (1), including a sale to which subsection (2) applies, unless there is an agreement for the sale or purchase and that agreement has been approved by the Chief Executive Officer.  2007, c. 7, Sched. 7, s. 109; 2019, c. 7, Sched. 16, s. 50. Corporation approval required before authorization of members, etc. (6) A credit union shall not seek the authorization of the members and shareholders required under subsection (1) until the Chief Executive Officer has approved the agreement under subsection (5).  2007, c. 7, Sched. 7, s. 109; 2019, c. 7, Sched. 16, s. 50. Refusal of approval to be by order (7) If the Chief Executive Officer refuses to approve an agreement under subsection (5), the Chief Executive Officer shall do so by order.  2007, c. 7, Sched. 7, s. 109; 2019, c. 7, Sched. 16, s. 50. Procedural rules (8) Section 240.1 applies with respect to an order under subsection (7).  2007, c. 7, Sched. 7, s. 109. Appeal to Tribunal (9) The credit union that is subject to an order under subsection (7) may appeal the order to the Tribunal in accordance with section 240.4.  2007, c. 7, Sched. 7, s. 109. Purchase price if transaction is between credit unions (10) In a purchase or sale described in subsection (1) in which both the purchaser and the seller are credit unions, the purchaser may pay the purchase price only in one or more of the following ways: 1. By assuming liabilities of the seller. 2. By paying cash. 3. By issuing shares that are not membership shares or patronage shares. 4. By issuing promissory notes.  2007, c. 7, Sched. 7, s. 109. No splitting to avoid requirements (11) A credit union shall not structure a sale or purchase as two or more sales or purchases for the purpose of avoiding a requirement under this section.  2007, c. 7, Sched. 7, s. 109. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 109 - 01/10/2009 2018, c. 17, Sched. 11, s. 15 - no effect - see 2019, c. 7, Sched. 16, s. 54 - 29/05/2019 2019, c. 7, Sched. 16, s. 50 - 08/06/2019 205 Repealed:  2007, c. 7, Sched. 7, s. 109. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 109 - 01/10/2009 206 Repealed:  2007, c. 7, Sched. 7, s. 109. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 109 - 01/10/2009 PART IX   RESTRICTED PARTY TRANSACTIONS