R-2.2.1 - Act respecting the reduction of the share capital of legal persons established in the public interest and of their subsidiaries

Section 3 Disposition versions

1994-12-21

3. Within 30 days after the request of the Minister of Finance, the auditor of the legal person shall inform the legal person and the Minister of Finance as to whether or not, in his opinion, the requested reduction of the share capital would prevent the legal person from discharging its liabilities when due.

Where the request concerns a subsidiary, the auditor of the legal person holding all the shares of the subsidiary shall inform the legal person, the subsidiary and the Minister of Finance as to whether or not, in his opinion, the requested reduction of the share capital would prevent the legal person or the subsidiary from discharging its liabilities when due.

If the auditor is of the opinion that the reduction of the share capital would not prevent the legal person or the subsidiary from discharging its liabilities when due, the Minister of Finance shall cause to be published in the Gazette officielle du Québec a notice of receipt of the opinion, of the reduction of the share capital to be effected and of the equivalent repayment of capital to be made.

1994, c. 45, s. 3.