18. In the course of the winding-up, but before the sale of the property, the general meeting of shareholders may decide, by a majority representing not less than 2/3 of the capital, to discontinue the winding-up proceedings and continue the operations of the company.
At the same meeting the shareholders shall direct one of their number to present a petition, in the name of the company, to a judge of the Superior Court, praying for the approval of the resolution.
Notice of the day when such petition will be presented shall be given to the liquidators, to the creditors and to the shareholders, by registered or certified letter deposited in the post-office at least six days before the day fixed for the presentation of the petition.
The resolution of the shareholders shall have no effect until approved by the judge.
Notice of such resolution and of its approval shall be transmitted to the Inspector General, who shall deposit the same in the register.
However, where a cooperative is wound up, the notice of such resolution and of its approval shall be transmitted in duplicate to the Minister of Industry, Trade, Science and Technology. The latter shall send a copy thereof to the Inspector General, who shall deposit it in the register.
The approval of such resolution by the judge shall put an end to the powers of the liquidators, but every act done by them while in office shall remain valid, and any action instituted by them may be taken up and carried on by the company in the usual way.
From the date of such deposit, the notice referred to in section 9 shall cease to have effect.
R. S. 1964, c. 281, s. 18; 1969, c. 26, s. 115; 1975, c. 76, s. 11; 1975, c. 83, s. 84; 1981, c. 9, s. 24; 1982, c. 52, s. 204; 1993, c. 48, s. 425; 1995, c. 67, s. 175.