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This week, I wrote to all 29 mayors to invite them along with their Deputy Mayors and General Managers to regional meetings early next year to discuss voluntary amalgamations.
There's no doubt potential amalgamations are a big step and we need to take a careful and considered approach to developing options.
The year 2005-06 when the amalgamations of Regional Rural Banks (RRBs) were undertaken has been taken as a yardstick for comparison.
In order to improve the operational viability of Regional Rural Banks (RRBs) and take advantage of the economies of scale the route of amalgamation of Regional Rural Banks (RRBs) was suggested taking into account the views of various stakeholders.
Despite these concerns, the final regulations allow consolidations and amalgamations to qualify, because the Service did not believe that the existence of the consolidating or amalgamating entities within the resulting corporation prevents a consolidation or an amalgamation from qualifying as a statutory merger or consolidation.
The purpose of the amalgamations was to improve efficiency and reduce municipal spending and to decrease the number of politicians without reducing accessibility to local elected officials.
He notes that the amalgamations in Philadelphia and New York were pre-2Oth century and no major amalgamations have occurred since in the United States.
The amendments apply with respect to amalgamations occuring after 1989.
These amalgamations are expected to take place December 31, 2005.
As a result of these amalgamations, Brascan Corporation will assume all of the assets and liabilities of Brascan Financial and the existing Class I and II preferred shares issued by Brascan Financial will be exchanged for new Class A preferred shares of Brascan Corporation with substantially identical terms and conditions.
Last February Valeo and the Indian Group Amalgamations Ltd set up a joint venture Amalgamations Valeo Clutch Limited to develop, produce and market clutch systems for passenger cars and trucks for Indian and foreign vehicle manufacturers with local facilities.