S-38 - Cooperative Syndicates Act

Updated to 1 April 1999

This document has official status.

chapter S-38

Cooperative Syndicates Act

Repealed, 1982, c. 26, s. 323.

1982, c. 26, s. 323.

1. Cooperative syndicates for consumption, production, credit, provident or any other economical purposes, may be formed at any place in Québec under this act.

The by-laws shall define the limits of the territory within which the association may operate, and which shall in no case exceed the limits of a provincial electoral district.

Nevertheless, in cities and towns including more than one provincial electoral district, the territory within which the association shall operate may be that fixed by the territorial limits of the cities and towns where the associations have their head offices.

R. S. 1964, c. 294, s. 1.

See section 63.

2. Notwithstanding the foregoing, the territorial limit within which the association may operate may be extended with the approval of the Minister of Financial Institutions and Cooperatives.

R. S. 1964, c. 294, s. 2; 1966-67, c. 72, s. 23; 1975, c. 76, s. 11; 1981, c. 9, s. 24.

3. Such syndicate or association shall be a civil corporation. An associate shall be responsible only for the unpaid amount of his subscription.

R. S. 1964, c. 294, s. 3.

4. The association shall be called by such name as its founders may choose, provided mention be made in the memorandum that it is founded under this act, and provided that, on the whole, such name cannot be confounded with that of any other existing association.

The association may, upon the same conditions, change its name by a by-law passed at a general meeting, pursuant to the provisions of the second paragraph of section 29, and deposited in the manner prescribed for the memorandum of its founding. Such change of name shall not effect any change in the rights and obligations of the association and proceedings begun by or against it may be continued under its new name.

R. S. 1964, c. 294, s. 4.

5. Such association shall be composed of persons who are capable of contracting and who have their residence or place of business within the syndicate’s territory.

However, the by-laws may provide that persons who cease to have their residence or place of business within the syndicate’s territory shall remain associates but shall not be eligible to any office.

R. S. 1964, c. 294, s. 5.

6. The object of the association shall be to study, protect and defend the economic interests of the labouring classes. For that purpose it may buy, for re-sale to the associates only, such articles as are necessary for the support of life or for the works of their industry; open up credits for them and make loans to them; establish works in common for the associates or allow them to devote themselves to processes of production and to sell the products thereof, either collectively or individually; if it be a credit association, it may receive the savings of its members to afford a yielding of profit.

The association, notwithstanding that it is limited to a special territory, may enter into any transaction with any person, corporation or voluntary association, necessary for the proper working of the society or the carrying out of its objects; but all transactions of the association, which yield profits or benefits, shall, being essentially cooperative, be confined to the members.

Such cooperative activities shall not be deemed to constitute the carrying on of a trade, financial establishment or means of earning a profit.

R. S. 1964, c. 294, s. 6.

7. School boards, the Conseil scolaire de l’île de Montréal, municipalities, fabriques and corporations of trustees, farmers’ clubs and agricultural societies, as well as civil and commercial associations and corporations generally, may be members of such syndicates or associations.

R. S. 1964, c. 294, s. 7; 1972, c. 60, s. 44; 1977, c. 5, s. 14.

8. At least twelve associates shall be required to constitute a cooperative association under this act.

R. S. 1964, c. 294, s. 8.

9. The amount of each share in the association shall be fixed by the by-laws, but shall not be less than $1.

R. S. 1964, c. 294, s. 9.

10. The capital of the association may vary. It may be increased by successive payments and by the subscribing for new shares by the associates or by the admission of new associates, and it may be reduced by the total or partial withdrawal of the amounts contributed; provided, however, that the capital shall never be reduced below the amount established by the by-laws when the association was founded.

R. S. 1964, c. 294, s. 10.

11. The shares shall be in the name of the holder, and may only be transferred in accordance with the by-laws of the association.

R. S. 1964, c. 294, s. 11.

12. The association shall be constituted by a memorandum, in accordance with form 1, signed in triplicate by the founders in the presence of two witnesses.

One copy shall remain in the archives of the association, and the second shall be transmitted without delay to the clerk or secretary-treasurer of the municipal council governing the municipality wherein the head office of the association is situated, which clerk or secretary-treasurer shall deliver an authentic copy thereof to any person applying therefor, on payment of his usual fees. The third copy shall also without delay, be sent to the Minister of Financial Institutions and Cooperatives who shall publish, at the expense of the syndicate, a notice of receipt thereof in the Gazette officielle du Québec. From and after such publication, the association shall be incorporated and shall be a legal person.

This act shall also apply to associations existing before the 9th of March 1906 (the date of the coming into force of chapter 33 of the statutes of 1906), and shall have the effect of confirming their by-laws, acts and operations since their organization insofar as they are not incompatible therewith, provided their principal administrative body or board of management adopts a resolution to that effect, a copy whereof shall be deposited as prescribed in this section; and the officers of each association shall continue in office until the expiration of their term of office as provided in the said by-laws; but this provision shall not affect pending cases nor acquired rights.

R. S. 1964, c. 294, s. 12; 1966-67, c. 72, s. 23; 1975, c. 76, s. 11; 1981, c. 9, s. 24.

13. A similar memorandum shall likewise be signed by any person subsequently becoming a member of the association.

R. S. 1964, c. 294, s. 13.

14. The active members of the association, in general meeting assembled, may pass by-laws to regulate the admission of new members, the mode of payment and the instalment portion to be paid upon the shares subscribed, the additional contribution payable by new members, the apportionment of profits, the date of the fiscal year, the calling of general and special meetings and of the meetings of the boards and committees, the dismissal of members and generally all things connected with the internal government of the association and the duties and powers of its boards, committees and officers.

Such by-laws may also establish a class of associates called “auxiliary members”, and determine all matters concerning them, provided that such members shall not vote or hold any office.

Minors may be admitted as auxiliary members, subscribe for shares for an amount not exceeding $1 000 and draw the profits therefrom and the principal upon their mere signature. In a credit association, they may also deposit their savings up to the same amount and draw the interest thereon and the profits and the principal thereof on their mere signature.

Any person having the handling or custody of the funds of the association shall give a security bond, the nature and amount whereof shall be left to the discretion of the board of management.

The by-laws may authorize, upon the conditions thought proper, the admission of honorary members and officers, but such members and officers shall not participate in the management of the association or in the benefits thereof.

The by-laws may create boards or committees, other than those provided for by this act, with such names and functions as may seem best adapted to the proper working of the association.

A duplicate of such by-laws and their amendments shall be deposited in the office of the clerk or secretary-treasurer of the municipal council as mentioned above.

The association shall, when thereunto required by the Minister of Financial Institutions and Cooperatives, forward a copy of all by-laws adopted in virtue of this act.

R. S. 1964, c. 294, s. 14; 1966-67, c. 72, s. 23; 1975, c. 76, s. 11; 1981, c. 9, s. 24; 1982, c. 17, s. 75.

15. The association shall be managed by a board known as the “board of management”, composed of at least five members.

They shall remain in office during the year immediately following the annual meeting, and until the election of their successors; and the by-laws of the association may prescribe that one-half or one-third of them shall be replaced every year with one more, the first year, if their number is an odd number. They shall be eligible for reelection.

R. S. 1964, c. 294, s. 15.

16. (1)  The board of management may, within the scope of this Act and of the by-laws of the association but without prejudice to the powers of the committee of credit mentioned in section 22, deliberate, transact, compromise and provide for all things affecting the interests of the association and, in particular, it may:

(a)  Settle the terms of every contract, being careful to see that the interests of the association are fully secured;

(b)  Obtain hypothecary securities for the benefit of the association and give discharges therefor; acquire immovables by sale, with right of redemption or otherwise; and sell the same either publicly or by private sale; hypothecate these immovables and the movable property of the association;

(c)  Represent the association in any judicial proceeding, appeal from judgments and prosecute seizures of movables or immovables until fully satisfied.

(2)  The total amount of the sums borrowed by a syndicate shall not, at any time, exceed twice the amount of its special reserve fund or funds mentioned in section 39, and of its paid-up and unimpaired capital. For the purposes of this subsection, savings entrusted to a credit association by its associates, and loans entirely secured by the hypothecation of securities or movable effects, shall not be considered as borrowed sums.

R. S. 1964, c. 294, s. 16; 1992, c. 57, s. 697.

17. The board of management shall select, annually, from among its members, at its first sitting following the annual general meeting, a president, a vice-president, a secretary and a manager. The office of manager may be held by one of the officers herein mentioned.

The president, vice-president and secretary of the board of management shall, at the same time, be the president, vice-president and secretary of the association.

R. S. 1964, c. 294, s. 17.

18. The special duties of the board of management shall be:

(1)  To cause to be deposited in the office of the clerk or secretary-treasurer of the municipality wherein the head office of the association is situated the duplicate of the memorandum mentioned in section 12, as well as the duplicate of the by-laws and of the amendments thereto, and also the names of those who in any capacity are charged with its management or direction;

(2)  To supervise the condition of the funds, and the bookkeeping.

R. S. 1964, c. 294, s. 18.

19. The board of management shall meet as often as may be required in the interests of the association, upon being convened by the president, the vice-president, the manager or by two members of the board.

R. S. 1964, c. 294, s. 19.

20. In addition to the board of management and outside the members thereof, the general meeting shall appoint from among its members a board of supervision of three members. They shall remain in office during the year immediately following the annual meeting and until the election of their successors. They may be reelected. The by-laws may provide that one-third of the board shall be reelected each year.

R. S. 1964, c. 294, s. 20.

21. The board of supervision shall exercise supervision over the board of management and the committee of credit hereinafter mentioned, as to all the details of their management. It may, at any time, inspect all documents and the keeping of the books, and require the production of the cash on hand.

No member of the board of supervision may, either directly or indirectly, borrow from the association or become surety for any borrower.

The board of supervision or two of its members may, at any time, call a special general meeting of the association.

The proceedings of the board of supervision shall be entered in registers kept and written up by the manager.

The board of supervision of every co-operative syndicate for credit, provident or other economic purposes shall, at least once a year, cause all the operations of the association to be audited by an inspector of a federation organized under section 49. Such audit shall be made at the cost of the syndicate, unless it has already been affiliated with a federation.

R. S. 1964, c. 294, s. 21.

22. In addition to the board of management and the board of supervision, and outside the members thereof with the exception of the president of the association if the by-laws permit, the general meeting may appoint a committee of credit composed of at least three members. They shall remain in office during the year immediately following the annual meeting and until their successors are elected. They may be reelected.

The committee of credit shall alone have absolute control of loans to associates, saving the right of appeal to the board of management, and of taking, for the benefit of the association, hypothecary and other security to secure the loans, and to give discharges therefor; and the by-laws of the association shall determine the conditions under which they shall perform their duties. Nevertheless the members of such committee shall, neither directly nor indirectly, borrow from the association, nor become security for any borrower.

The by-laws may provide that one-half or one-third of the committee of credit shall be reelected each year, with one more the first year if the number of the committee is an odd number.

R. S. 1964, c. 294, s. 22.

23. The services of the members of the board of management, of the board of supervision and of the committee of credit shall be gratuitous. The manager may be paid for his services.

R. S. 1964, c. 294, s. 23.

24. In case of a vacancy in the board of management, in the board of supervision, or in the committee of credit, the remaining members of the board of management may provide a substitute for the remainder of the term.

R. S. 1964, c. 294, s. 24.

25. The general meeting of the association is composed of all the associates. No particular number of members shall be required to form a quorum at a general meeting. No associate may vote by proxy but a corporation or society may be represented and vote by a delegate. Each associate shall have one vote only, whatever may be the number of his shares.

The by-laws may provide that members admitted less than three months prior to the general meeting shall not be entitled to vote.

R. S. 1964, c. 294, s. 25.

26. The decisions of the general meeting shall be given by the majority of votes. In case of a tie the president shall have a casting vote.

R. S. 1964, c. 294, s. 26.

27. The general meeting shall be held each year, within the sixty days following the close of the fiscal term, to take cognizance of the annual report for the previous term and to consider generally the business of the association. Such meeting shall be called in the manner prescribed by the by-laws.

The first meeting held for the organization of a newly formed association and for the election of officers and the passing of by-laws may be held at any time. The notice calling the meeting shall be given by the person designated by the majority of those who have signed the memorandum constituting the association and mentioned in section 12. The officers elected at such meeting shall remain in office during the current term and, in all cases, until the election of their successors.

R. S. 1964, c. 294, s. 27.

28. The general meeting shall appoint, from among the associates, the members of the board of management, of the board of supervision and of the committee of credit.

R. S. 1964, c. 294, s. 28.

29. It shall decide upon the dissolution of the association, the amendment of its by-laws, and all other questions of interest to the association. It shall reverse or approve the decisions of the board of management, whenever there shall be an appeal therefrom for that purpose by two associates; provided that the contracts entered into with third parties be not affected.

Amendments to the by-laws can only be validly voted by three-fourths of the associates present at a meeting specially adjourned for that purpose to a future date or at a special general meeting convened in accordance with section 31.

The dissolution cannot be decided upon if at least ten members object thereto.

In case of the dissolution of a credit association, the balance of its assets, including the fund or funds mentioned in section 39, shall be applied in the territory of the association, after payment of the liabilities of the association, to one or more works of general public utility designated by the Government.

R. S. 1964, c. 294, s. 29.

30. The meeting which decides upon the liquidation shall appoint, by a mere majority vote, one or three liquidators who shall be entitled to immediate possession of the property of the association.

The provisions of Division II of the Winding-Up Act (chapter L-4) shall apply to such liquidators so appointed.

As soon as dissolution has been voted by the meeting, every action or proceeding, whether by way of seizure by garnishment, seizure before judgment or seizure in execution, or otherwise, against the moveables or immoveables of the association, must be suspended.

The costs made by a creditor after he has had knowledge of the dissolution, by himself, by his attorney or by the bailiff, cannot be collocated on the proceeds of the property of the association, which are distributed in consequence of the dissolution.

The judge of the Superior Court of the district in which the association is located may, however, on such conditions as he may deem proper, authorize any action or the continuance of proceedings begun.

R. S. 1964, c. 294, s. 30; 1965 (1st sess.), c. 80, a. 1.

31. In addition to the annual general meeting, special general meetings may be held and convened in the same manner, at any time, either upon the decision of the board of management, of two members of the board of supervision, or upon the requisition of one-tenth of the associates. The secretary, in every such case, shall convene the association by public notice, as mentioned in section 27. The president himself or the vice-president may also convene the meeting.

At such special general meeting, no subject shall be considered other than those specially mentioned in the notice.

R. S. 1964, c. 294, s. 31.

32. General meetings, either annual or special, as well as meetings of the board of management, of the board of supervision and of the committee of credit, may be validly held on holidays.

R. S. 1964, c. 294, s. 32.

33. The by-laws of the association shall determine the system of book-keeping to be followed in the management of the business, and shall define the manager’s powers and duties.

R. S. 1964, c. 294, s. 33.

34. The accounts shall be kept by the manager according to the said by-laws, under the control of the board of management.

The accounts of the association shall be closed every year at the end of the fiscal term.

R. S. 1964, c. 294, s. 34.

35. Upon the closing of the fiscal term and during the sixty days thereafter, a report showing the position of affairs shall be prepared in triplicate by the manager, attested by his oath, a copy thereof shall be deposited with the Minister of Financial Institutions and Cooperatives, and another in the office of the clerk or secretary-treasurer of the municipality.

Every cooperative syndicate for credit, provident or other economic purposes shall have such report audited by the inspector of a federation organized under section 49, which inspector shall approve the same if he finds it correct.

R. S. 1964, c. 294, s. 35; 1966-67, c. 72, s. 23; 1975, c. 76, s. 11; 1981, c. 9, s. 24.

36. Such report shall contain:

(1)  A summary statement of the assets and liabilities of the association;

(2)  A statement of the operations of the year, showing the profits and losses;

(3)  All other information required by the by-laws of the association.

R. S. 1964, c. 294, s. 36.

37. The correctness of such report shall be attested under oath, by the manager, before a person authorized to administer an oath.

R. S. 1964, c. 294, s. 37.

38. The general meeting, taking the report as a basis, shall determine the amount of the profits which it shall allot.

The by-laws respecting the allotment and payment of profits shall bind the association and its members in the same manner as if they were signed and sealed by each member respectively and contained agreements on the part of each member, his heirs, executors and administrators, to abide by all the stipulations of the by-laws, in accordance with the provisions of this act.

R. S. 1964, c. 294, s. 38.

39. The association may, by by-law, order the creation, out of a portion of its yearly profits, of one or more funds under such names as it may select, which funds cannot be wholly or partially divided among the associates or auxiliary members, except in case of dissolution. The by-laws shall prescribe the amount and the manner of forming such funds, their object and management, the conditions required to vary the same, the proportion of the yearly profits to be set apart for their accumulation, and the amount they must respectively attain.

Each credit association shall apply at least ten per cent of its net annual profits to the creation of such funds, until they have reached, by successive annual applications, an amount equal to at least the maximum of the liabilities represented at any time by the shares of the association, and any other resources thereof; and when this limit is reached, the said percentage of the profits may be diminished, but not below five per cent so long as the aggregate of such fund is less than twice the maximum amount of the liabilities. Whenever the said maximum has been diminished by withdrawals, or whenever the funds, whether once complete or in course of formation, have been impaired, the payments above mentioned shall be continued or resumed until the said funds have reached the limit prescribed by this section. Nevertheless if the liabilities are less than the aggregate of the said funds, the difference shall not under any circumstances be divided between the members.

At least one-half of such funds shall be invested in the manner prescribed by section 40.

R. S. 1964, c. 294, s. 39.

40. Credit associations only are authorized to give credit and make loans to their members.

With the exception of such credit or loans to their members, sums deposited in a chartered bank, a savings bank, a trust company, another cooperative credit syndicate or a regional or provincial federation of such syndicates, all the investments by such credit associations must be made in stocks or debentures of the Dominion of Canada or of Québec or expressly guaranteed by the Dominion or Québec, or in the loans of any municipality or of any school board in Québec or the Conseil scolaire de l’île de Montréal, or in duly authorized loans for the erection or repair of churches, presbyteries or cemeteries in Québec, or in the loans of fabriques or ecclesiastical or religious corporations in Québec, or in real estate in Québec, or on a first hypothec to an amount not exceeding 3/5 of the municipal valuation of the real estate affected.

No such investments, however, may be effected by the board of management of the credit association unless previously approved by the principal administrative body or board of management of any federation organized under section 49, whose jurisdiction or authority, as determined by its by-laws and regulations, extend over the territory of such association.

The previous approval of such federation in no way renders it responsible.

R. S. 1964, c. 294, s. 40; 1972, c. 60, s. 45; 1977, c. 5, s. 14; 1988, c. 84, s. 700; 1992, c. 57, s. 698.

41. (Repealed).

R. S. 1964, c. 294, s. 41; 1987, c. 68, s. 117.

42. The associates cannot under any pretext apply for the affixing of seals upon the books and property of the association, nor demand the division or licitation of its property or reserve fund, nor interfere in any manner with the management. They shall, for the exercise of their rights, be bound by the decisions of the general meeting.

R. S. 1964, c. 294, s. 42.

43. Any member may withdraw from the association by giving a notice or a letter to that effect to the secretary or manager of the association.

R. S. 1964, c. 294, s. 43.

44. The board of management may dismiss any member who has not carried out his engagements with the association. It may also dismiss from the association any member who has been convicted of a criminal offence, who refuses to comply with the provisions of the by-laws, whose private life is a source of scandal, or who becomes insolvent or bankrupt, or is interdicted.

The minutes of the meeting of the board of management respecting the dismissal of any associate shall set forth the facts giving rise to such dismissal, and a true copy shall be addressed to the dismissed associate within two days by registered or certified letter.

R. S. 1964, c. 294, s. 44; 1975, c. 83, s. 84.

45. (1)  All monies received by the association shall be placed to the credit of two funds to be known as “The General Fund” and “The Reimbursement Fund” ; one-half of such total receipts shall be placed to the credit of each of such funds.

(2)  The Reimbursement Fund shall apply only to members who have withdrawn or been dismissed and shall be utilized in the manner provided for by section 46.

However, when there are no withdrawals or dismissals giving rise to reimbursement, all monies received by the association shall be deposited to the credit of The General Fund.

(3)  The General Fund shall be used for the carrying on of the ordinary affairs of the association and not for the payment of monies owing to members who have withdrawn or been dismissed.

(4)  This section shall apply only to syndicates incorporated under this act which have become affiliated with a federation, in accordance with section 49 of this act, and shall only affect such syndicates upon the passing of a regulation to that effect by a federation with which such syndicates have become affiliated and upon the acceptance of such regulation by such syndicates in the manner provided for by this act.

(5)  The provisions of this section shall not affect those of section 10 as to the minimum figure of the capital, and of section 39 as to the reserve fund.

(6)  This section shall not apply to agricultural cooperative syndicates.

R. S. 1964, c. 294, s. 45.

46. No associate who has withdrawn or been dismissed may demand the winding-up of the association.

The sums paid on their shares by associates who have withdrawn or been dismissed shall be paid to them from time to time as the funds realized by the association, not absorbed by the association’s debts then exigible, are paid in. The payments shall be made in the order of the withdrawal or dismissal, without prejudice to the provisions of section 10 as to the minimum figure of the capital, and provided also that the association has not been put in liquidation by dissolution or otherwise during the three months immediately preceding the withdrawal or dismissal of such associate.

In the case of the death, insolvency, bankruptcy or placing under tutorship or curatorship of an associate, his heirs, creditors or representatives shall recover his share in the manner determined by this section; provided always that the capital cannot be reduced under the amount of the original capital as declared in section 10.

Until an associate has entirely discharged his debts and been freed from any security in favour of the association, the latter may, at any time, set off against the said obligations the sums owing for any reason whatever to such associate.

R. S. 1964, c. 294, s. 46; 1992, c. 57, s. 699.

47. All extracts from the minutes shall be signed by the president or the vice-president, or by the secretary or manager.

All contracts, promissory notes, cheques, drafts or documents binding the association shall be signed by the person or persons designated by the by-laws.

R. S. 1964, c. 294, s. 47.

48. All deeds, invoices, advertisements, publications and other printed or written documents issued by an association, must always mention legibly and in full that such association exists under this act.

R. S. 1964, c. 294, s. 48.

49. Associations regularly organized under this act may freely agree to take joint action for the protection of their common interests in the form of federations whose activities and operations may cover all or a portion of Québec.

Such federations are authorized to exercise the rights and powers of associations created under this act, and to make rules and regulations necessary for their proper working in the territory over which such operations extend, as defined by such rules and regulations.

R. S. 1964, c. 294, s. 49.

50. The members entrusted with the management or direction of the association shall be personally liable for any actionable wrong done in violation of this act.

R. S. 1964, c. 294, s. 50.

51. Cooperative associations formed under articles 5233 to 5252 of the Revised Statutes of the Province of Québec, 1888, and agricultural syndicates formed under chapter 33 of the statutes of 1902, and cooperative syndicates formed under chapter 33 of the statutes of 1906, or under articles 6762 to 6811 of the Revised Statutes, 1909, or under Chapter 254 of the Revised Statutes, 1925, or under Chapter 290 of the Revised Statutes, 1941, or under the Revised Statutes, 1964, shall be regulated by the provisions of this act if they have not become governed by the Cooperatives Act (chapter C-67.2) or by the Savings and Credit Unions Act (chapter C-4).

R. S. 1964, c. 294, s. 51; 1982, c. 26, s. 326.

52. Any cooperative agricultural syndicate may subscribe for shares in the Coopérative fédérée de Québec, and enter into a contract with it to make its purchases and sales.

R. S. 1964, c. 294, s. 52; 1982, c. 26, s. 324.

53. The Minister of Financial Institutions and Cooperatives may extend the advantages, accorded to the cooperative agricultural associations, to any cooperative agricultural syndicate which conforms to the conditions and obligations imposed upon cooperative agricultural associations.

R. S. 1964, c. 294, s. 53; 1966-67, c. 72, s. 23; 1975, c. 76, s. 11; 1981, c. 9, s. 24.

54. The Minister of Financial Institutions and Cooperatives may by order terminate the corporate existence of a cooperative syndicate or federation of cooperative syndicates, upon being satisfied

(a)  of the reduction of the number of its members to fewer than twelve in the case of a cooperative syndicate, or to fewer than two in the case of a federation; or

(b)  of failure during three consecutive years to hold an annual general meeting of its members; or

(c)  of failure for more than three years to file in the Ministère des Institutions financières et Coopératives the report provided for in section 35;

(d)  of failure to continue as a cooperative governed by the Cooperatives Act (chapter C-67.2), as a company governed by Part IA of the Companies Act (chapter C-38) or as a savings and credit union governed by the Savings and Credit Unions Act (chapter C-4) within three years from 21 December 1983.

R. S. 1964, c. 294, s. 54; 1966-67, c. 72, s. 23; 1975, c. 76, s. 11; 1977, c. 5, s. 14; 1981, c. 9, s. 24; 1982, c. 26, s. 322.

55. The Minister of Financial Institutions and Cooperatives shall first give a notice which he shall send by registered or certified mail to the last known address of the syndicate or federation and a copy of which he shall transmit to the Inspector General of Financial Institutions, who shall deposit it in the register instituted under the Act respecting the legal publicity of sole proprietorships, partnerships and legal persons (chapter P-45).

R. S. 1964, c. 294, s. 55; 1966-67, c. 72, s. 23; 1975, c. 76, s. 11; 1975, c. 83, s. 84; 1981, c. 9, s. 24; 1993, c. 48, s. 497.

56. Thirty days or more after the date of deposit of the notice in the register, the Minister of Financial Institutions and Cooperatives may terminate the corporate existence of the syndicate or federation and, where applicable, send a copy of the order to the Inspector General who shall deposit it in the register.

R. S. 1964, c. 294, s. 56; 1966-67, c. 72, s. 23; 1975, c. 76, s. 11; 1981, c. 9, s. 24; 1993, c. 48, s. 498.

57. The order of termination shall take effect upon the date of deposit in the register.

R. S. 1964, c. 294, s. 57; 1993, c. 48, s. 499.

58. The public curator shall be ex officio curator to the property of the dissolved corporation. He shall report to the Minister of Financial Institutions and Cooperatives.

R. S. 1964, c. 294, s. 58; 1966-67, c. 72, s. 23; 1975, c. 76, s. 11; 1981, c. 9, s. 24.

59. The balance of the assets of the dissolved corporation shall be assigned to a similar work designated by the Government.

R. S. 1964, c. 294, s. 59.

60. The Minister of Financial Institutions and Cooperatives may appoint a person to make an examination and audit of the operations of a cooperative syndicate.

For such purposes, such person shall be vested with the powers of a commissioner appointed under the Act respecting public inquiry commissions (chapter C-37), except the power to order imprisonment.

R. S. 1964, c. 294, s. 60; 1966-67, c. 72, s. 23; 1975, c. 76, s. 11; 1981, c. 9, s. 24; 1992, c. 61, s. 598.

61. The person so authorized shall make a report of his examination and audit to the Minister of Financial Institutions and Cooperatives.

R. S. 1964, c. 294, s. 61; 1966-67, c. 72, s. 23; 1975, c. 76, s. 11; 1981, c. 9, s. 24.

62. No person carrying on business alone under a firm name, and no commercial partnership or association not incorporated, shall use in a firm name the words “cooperative syndicate” unless incorporated under Chapter 290 of the Revised Statutes, 1941, or under Chapter 254 of the Revised Statutes, 1925.

This section shall not apply to persons, partnerships or associations using such words on the 29th of March 1933.

R. S. 1964, c. 294, s. 62.

63. No cooperative syndicate or federation shall be formed under this Act after 27 March 1963.

R. S. 1964, c. 294, s. 63.

64. (This section ceased to have effect on 17 April 1987).

1982, c. 21, s. 1; U. K., 1982, c. 11, Sch. B, Part I, s. 33.

FORM

1

(Section 12)

Memorandum of Association

COOPERATIVE SYNDICATES ACT

  The undersigned declare that they become members of a
cooperative association with limited liability, under the name
of The ............................... Syndicate, with its head
office at .................................... in the county of
 ....................................., and that they subscribe
the number of shares put opposite their respective names.

  We name Mr. .................................... to convene
the organization meeting and such notice shall be given by
(indicate manner).

Dated at ......................................................
this ............................, 19.....

===============================================================
         .         .           .         .           .Number   
Witnesses. Surname . Christian . Calling . Residence .of shares
         .         .   Names   .         .           .of $ ....
---------.---------.-----------.---------.-----------.---------
         .         .           .         .           .         
         .         .           .         .           .         
         .         .           .         .           .         
         .         .           .         .           .         
         .         .           .         .           .         
         .         .           .         .           .         
         .         .           .         .           .         
---------------------------------------------------------------    

R. S. 1964, c. 294, form 1.

REPEAL SCHEDULE

In accordance with section 17 of the Act respecting the consolidation of the statutes (chapter R-3), chapter 294 of the Revised Statutes, 1964, in force on 31 December 1977, is repealed effective from the coming into force of chapter S-38 of the Revised Statutes.