C-26, r. 126.2 - Regulation respecting the practice of the profession of chartered appraiser within a partnership or a joint-stock company

Section 4 Disposition versions

2012-09-01

4. Members may carry on professional activities within a partnership or a joint-stock company that does not hold itself out to be a partnership or a joint-stock company of chartered appraisers if

(1)  more than 50% of the voting rights attached to the shares or units of the partnership or joint-stock company are held

(a)  by professionals governed by the Professional Code (chapter C-26);

(b)  by members in good standing of the Appraisal Institute of Canada holding the “AACI” designation;

(c)  by representatives who hold a certificate issued by the Autorité des marchés financiers under the Act respecting the distribution of financial products and services (chapter D-9.2);

(d)  by a legal person, a trust or any other enterprise whose voting rights attached to the units or shares, or other rights are held entirely by one or more persons referred to in subparagraphs a and b; or

(e)  by a combination of the persons referred to in subparagraphs a to d;

(2)  a majority of the directors of the board of directors of the joint-stock company, the partners or, if applicable, the directors appointed by the partners to manage the affairs of the limited liability partnership are the persons referred to in subparagraphs a and b of subparagraph 1; and

(3)  the board of directors or, as the case may be, the internal management board is made up of a majority of persons referred to in subparagraphs a and b of subparagraph 1 who must, at all times, constitute the majority of the quorum of such boards.

Members must ensure that the conditions set out in the first paragraph appear in the articles of the joint-stock company or in the contract of the limited liability partnership, in the unanimous shareholders’ agreement or in any other document relating to the constitution and operation of the partnership or joint-stock company and that those documents provide that the partnership or joint-stock company is constituted for the purpose of carrying on professional activities.

O.C. 160-2012, s. 4.