250 (1) Any two or more credit unions may amalgamate and continue as one credit union. Amalgamation agreement (2) The credit unions proposing to amalgamate must enter into an agreement for the amalgamation prescribing the conditions of the amalgamation, the mode of carrying the amalgamation into effect, and, in particular, the agreement must set out the following: 1.  The corporate name of the amalgamated credit union. 2.  The limitation on membership in the amalgamated credit union. 3.  The name in full, callings and places of residence of the first directors of the amalgamated credit union. 4.  The time and manner of election of subsequent directors of the amalgamated credit union. 5.  The manner of converting the share capital of each of the amalgamating credit unions into that of the amalgamated credit union. 6.  If any membership shares of one of the credit unions are not to be converted into membership shares of the amalgamated credit union, the amount of money or securities that the members are to receive in addition or instead of membership shares of the amalgamated credit union. 7.  If any shares of one of the credit unions are not to be converted into shares or other securities of the amalgamated credit union, the amount of money or securities that the holders of the shares are to receive in addition or instead of shares or other securities of the amalgamated credit union. 8.  The manner of payment of money instead of the issue of fractional shares of the amalgamated credit union or of any other body corporate that are to be issued in the amalgamation. 9.  Such other details as are necessary to perfect the amalgamation and to provide for the subsequent management and operation of the amalgamated credit union. 10.  The proposed effective date of the amalgamation. Filing of agreement (3) Within one month after the agreement is signed, the parties must file with the Chief Executive Officer a true copy of the amalgamation agreement and pay the fee established by Authority rule. Approvals required (4) The agreement is subject to the approval of the Chief Executive Officer and to adoption by special resolutions of the members of each of the amalgamating credit unions, passed at meetings called for the purpose of considering the agreement. If more than one class of shares (5) If the credit union has more than one class of issued shares, each special resolution referred to in subsection (4) shall be in the form of a special resolution passed by the holders of each class of shares. Conditions of approval to be by order (6) If the Chief Executive Officer approves the agreement, the Chief Executive Officer may impose such conditions on the approval as the Chief Executive Officer considers appropriate and shall do so by order. Refusal of approval to be by order (7) If the Chief Executive Officer refuses to approve the agreement, the Chief Executive Officer shall do so by order. Procedural rules (8) Section 209 applies with respect to an order under subsection (6) or (7) of this section. Appeal to Tribunal (9) The credit union that is subject to an order under subsection (6) or (7) may appeal the order to the Tribunal in accordance with section 212. Meeting (10) The meeting to approve the amalgamation must be held within one month after the approval of the Chief Executive Officer is given. Certification (11) If the amalgamation is approved, that fact must be certified upon the agreement by the secretary of each of the amalgamating credit unions. Extension of time (12) The Chief Executive Officer may extend the time within which the meeting to approve the amalgamation must be held if there are reasonable grounds for doing so. Application for certificate (13) If the agreement is adopted, the amalgamating credit unions may apply jointly for a certificate of amalgamation by submitting an application to the Chief Executive Officer together with articles of amalgamation. Certificate of amalgamation (14) The Chief Executive Officer may, in the Chief Executive Officer’s discretion, issue a certificate of amalgamation which shall set out the effective date of the amalgamation. Grounds for refusing certificate (15) Subsection 13 (2) applies, with necessary modifications, with respect to the issue of a certificate of amalgamation. Amalgamation and effects (16) On and after the effective date of the amalgamation, (a)  the amalgamating credit unions are amalgamated and are continued as one credit union under the corporate name set out in the certificate; (b)  the amalgamated credit union possesses all the property, rights, privileges and franchises and is subject to all the liabilities, contracts, disabilities and debts of each of the amalgamating credit unions; and (c)  the articles of amalgamation shall be deemed to be the articles of incorporation of the amalgamated credit union and the certificate of amalgamation shall be deemed to be the certificate of incorporation of the amalgamated credit union. Notice (17) The Chief Executive Officer shall publish notice of the issue of the certificate of amalgamation on the website of the Authority. Statement of assets and liabilities (18) The amalgamated credit union shall file with the Chief Executive Officer, within 60 days after the effective date of the amalgamation, a statement of the assets and liabilities of the amalgamated credit union as of the date of the certificate.