56. Every such company shall, within two years from the day of its becoming incorporated, complete the works undertaken by it, and for the completion whereof it may be incorporated, in default whereof it shall forfeit all the corporate and other powers and authority which it has in the meantime acquired; and all its corporate powers shall thenceforth cease and end unless further time be granted by a by-law of every regional county municipality in whose territory the works are situate.
If any company, formed under this Act, for the space of one year abandon any works completed by it, so that the same are not in sufficient repair and cannot be used for the purpose proposed in its memorandum of incorporation, then its corporate powers shall cease and end.
When the powers of a company cease, it shall transmit a declaration to that effect to the Inspector General in accordance with the Act respecting the legal publicity of sole proprietorships, partnerships and legal persons (chapter P-45).
R. S. 1964, c. 96, s. 56; 1993, c. 48, s. 328; 1996, c. 2, s. 575.