316 (1) A body corporate incorporated under the laws of another jurisdiction in Canada other than Ontario or under another Ontario Act may, if authorized by the laws of that other jurisdiction or under that other Ontario Act, apply to the Chief Executive Officer for a certificate of continuance.  2007, c. 7, Sched. 7, s. 161; 2018, c. 8, Sched. 7, s. 5. Authorization (2) If a body corporate has shareholders, the application must be authorized by a special resolution of the shareholders.  2007, c. 7, Sched. 7, s. 161. Articles of continuance, etc. (3) Articles of continuance shall be sent to the Chief Executive Officer together with a copy of the special resolution required under subsection (2) and any other prescribed documents.  2007, c. 7, Sched. 7, s. 161; 2018, c. 8, Sched. 7, s. 5. Requirements for articles (4) The articles of continuance shall make any amendments to the original or restated articles of incorporation, articles of amalgamation, letters patent, supplementary letters patent, a special Act and any other instrument by which the body corporate was incorporated and any amendments thereto necessary to make the articles of continuance conform to the laws of Ontario, and may make such other amendments as would be permitted under this Act if the body corporate were incorporated under this Act, provided that at least the same shareholder approval has been obtained for such other amendments as would have been required if the body corporate were incorporated under this Act.  2007, c. 7, Sched. 7, s. 161. Issue of certificate of continuance (5) Upon receipt of the articles of continuance and the other required documents, the Chief Executive Officer may, subject to any prescribed conditions, issue a certificate of continuance on such terms and subject to such limitations and conditions as the Chief Executive Officer considers proper.  2007, c. 7, Sched. 7, s. 161; 2018, c. 8, Sched. 7, s. 5. Grounds for refusing certificate (6) Subsection 16 (2) applies, with necessary modifications, with respect to the issue of a certificate of continuance.  2007, c. 7, Sched. 7, s. 161. Effect of certificate (7) The articles of continuance become effective on the date set out in the certificate of continuance and, as of that date, (a) the body corporate is continued as a credit union under this Act as though it had been incorporated under this Act; (b) the articles of continuance are deemed to be the articles of incorporation of the continued credit union; and (c) the certificate of continuance is deemed to be the certificate of incorporation of the credit union.  2007, c. 7, Sched. 7, s. 161. Copy of certificate to other jurisdiction, etc. (8) The Chief Executive Officer shall send a copy of the certificate of continuance, (a) to the appropriate official or public body for the jurisdiction in which the body corporate was incorporated; or (b) if the body corporate was incorporated under another Ontario Act, to the appropriate official or public body for the other Ontario Act.  2007, c. 7, Sched. 7, s. 161; 2018, c. 8, Sched. 7, s. 5. Rights, liabilities, etc., preserved (9) If a body corporate is continued as a credit union under this Act, (a) the credit union possesses all the property, rights, privileges and franchises and is subject to all the liabilities, including civil, criminal and quasi-criminal, and all contracts, disabilities and debts of the body corporate; (b) a conviction against, or ruling, order or judgment in favour of or against, the body corporate may be enforced by or against the credit union; and (c) the credit union shall be deemed to be the party plaintiff or the party defendant, as the case may be, in any civil action commenced by or against the body corporate.  2007, c. 7, Sched. 7, s. 161. Notice (10) The Chief Executive Officer shall publish notice of the issue of the certificate of continuance in The Ontario Gazette.  2007, c. 7, Sched. 7, s. 161; 2018, c. 8, Sched. 7, s. 5. Transition – outstanding debt and assets, etc. (11) The Chief Executive Officer may, by order, allow a continued credit union to, (a) have outstanding debt obligations which are not authorized by this Act if the debt obligations were outstanding at the time the application for the certificate of continuance was made, for such period and under such conditions as the Chief Executive Officer may order; (b) hold assets, including loans, that a credit union is not otherwise permitted by this Act to hold if the assets were held at the time the application for the certificate of continuance was made, for such period and under such conditions as the Chief Executive Officer may order; (c) acquire and hold assets, including loans, that a credit union is not otherwise permitted by this Act to acquire or hold if the body corporate continued as the credit union was obliged, at the time the application for the certificate of continuance was made, to acquire those assets, for such period and under such conditions as the Chief Executive Officer may order.  2007, c. 7, Sched. 7, s. 161; 2018, c. 8, Sched. 7, s. 5. Limits on transition period (12) The following apply with respect to a period mentioned in clause (11) (a), (b) or (c): 1. The period may not exceed the prescribed maximum period. 2. The Chief Executive Officer may extend the period but only for a further period that does not exceed the prescribed maximum extension period.  2007, c. 7, Sched. 7, s. 161; 2018, c. 8, Sched. 7, s. 5. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 161 - 01/10/2009 2018, c. 8, Sched. 7, s. 5 - 08/06/2019