Transfer of assets and liabilities

1 The assets and liabilities of a society that has been designated as a hospital under the Hospital Act may be transferred to a board or council by

(a) the society agreeing to the transfer by special resolution as defined in section 1 of the Society Act, and

(b) the board or council agreeing to assume the assets and liabilities by bylaw passed by a majority of not less than 75% of the votes of the members of the board or council voting in person or by proxy after receiving at least 14 days' notice of the proposed bylaw.