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

Section 3 Disposition versions

2012-09-01

3. Members may carry on their professional activities within a partnership or a joint-stock company that holds 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 at least one member of the Order;

(b)  by a legal person, trust or any other enterprise whose voting rights attached to the shares or units of the partnership or company, or other entitlements are held entirely by at least one member of the Order; or

(c)  in any combination by a person, a trust or enterprise referred to in subparagraphs a and b;

(2)  a majority of the directors of the board of directors of the joint-stock company, the partners or, where applicable, the directors appointed by the partners to manage the affairs of the limited liability partnership are members of the Order;

(3)  the board of directors or, as the case may be, the internal management board is made up of a majority of the members of the Order who must, at all times, constitute the majority of the quorum of such boards; and

(4)  the chair of the board of directors of the joint-stock company or the person performing similar functions in a limited liability partnership is a member of the Order and, as the case may be, a shareholder or partner with voting rights.

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. Members must also ensure that those documents provide or stipulate that the partnership or joint-stock company is constituted for the purpose of carrying on professional activities.

O.C. 160-2012, s. 3.