C-26, r. 33.1 - Regulation respecting the practice of the profession of certified management accountant within a partnership or joint-stock company

Section 4 Disposition versions

2012-09-01

4. Members of the Order may carry on their professional activities within a partnership or joint-stock company that does not hold itself out to be exclusively a partnership or joint-stock company of certified management accountants 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 the following persons practising within the partnership or joint-stock company:

i.  members of a professional order governed by the Professional Code (chapter C-26);

ii.  certified management accountants who are members of a professional order of certified management accountants or equivalent in a Canadian province or territory;

iii.  real estate brokers or mortgage brokers holding a licence issued by the Organisme d’autoréglementation du courtage immobilier du Québec under the Real Estate Brokerage Act (chapter C-73.2);

iv.  insurance representatives, claims adjusters and financial planners holding a certificate issued by the Autorité des marchés financiers under the Act respecting the distribution of financial products and services (chapter D-9.2);

v.  dealers, advisers and investment fund managers registered as such in accordance with Title V of the Securities Act (chapter V-1.1);

vi.  actuaries who are members of the Canadian Institute of Actuaries;

vii.  any person carrying on activities similar to those referred to in subparagraphs iii to v under an Act of another Canadian province or territory setting out rules similar to those that apply to members of the Order;

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

(c)  by a combination of the persons referred to in subparagraphs a and b;

(2)  a majority of the members of the board of directors of the joint-stock company and 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 subparagraph a of subparagraph 1 of the first paragraph; and

(3)  a majority of the members of the board of directors of the joint-stock company, the partners or directors appointed by the partners to manage the affairs of the limited liability partnership are the persons referred to in subparagraph a of subparagraph 1 of the first paragraph; they must constitute the majority of the quorum of the board of directors or, if applicable, internal management board.

Members of the Order must ensure that those conditions are stipulated in the contract constituting the limited liability partnership or appear in the articles of incorporation of the joint-stock company, in the unanimous shareholder agreement, or in any other document relating to the constitution or operation of the partnership or joint-stock company and that the documents also stipulate that the partnership or joint-stock company is constituted for the purpose of carrying on professional activities.

O.C. 903-2011, s. 4.