Imperial Life Assurance Co. and Desjardins-Life Assurance have crossed another hurdle on the way to the eventual merger of the two companies.

The private bill authorizing Imperial Life to initiate proceedings with the Quebec legislative authorities for the purpose of pursuing operations as a Quebec chartered company was passed on June 7 in the House of Commons.

The Senate had previously approved the bill on May 31. These legislative steps are part of the process that should lead to the eventual merger of Imperial Life and Desjardins-Laurentian slated for the end of 2001.

Imperial Life’s participating policyholders have already given their approval of the merger at a general meeting held in Toronto on May 11. Close to 94% of some 4,000 participating policyholders voting in favour of the plan.

An extraordinary general meeting held by Imperial and Desjardins-Laurentian, to which participating policyholders have been invited to attend, is scheduled for the fall 2001 to obtain approval from the two companies’ shareholders.