C-26, r. 55 - Regulation respecting the practice of the certified general accountancy profession within a partnership or joint-stock company

Section 1 Disposition versions

2012-09-01

1. Members of the Ordre des comptables généraux accrédités du Québec are authorized to practise within a limited liability partnership or joint-stock company within the meaning of Chapter VI.3 of the Professional Code (chapter C-26) that holds itself out to be exclusively a partnership or joint-stock company of certified general 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 members of the Order or members of the Certified General Accountants Association of Canada practising within the partnership or joint-stock company;

(b)  by a legal person, trust or enterprise whose voting rights or units are held exclusively by at least one member of the Order or by members of the Certified General Accountants Association of Canada practising within the partnership or joint-stock company; or

(c)  by a combination of persons, trusts or enterprises 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 or the Certified General Accountants Association of Canada practising within the partnership or joint-stock company;

(3)  to constitute a quorum of the board of directors of a partnership or joint-stock company, the majority of the members present are members of the Order or the Certified General Accountants Association of Canada;

(4)  at least one member of the Order practising within the partnership or joint-stock company holds a voting unit or share;

(5)  the chair of the board of directors of the joint-stock company or the person who performs similar duties within a limited liability partnership is a voting partner or shareholder and a member of the Order or the Certified General Accountants Association of Canada; and

(6)  only one member of the Order or the Certified General Accountants Association of Canada practising within the partnership or joint-stock company is granted, by voting agreement or proxy, the voting rights attached to a share or unit held by a member of the Order or the Certified General Accountants Association of Canada or by a legal person, trust or enterprise referred to in subparagraph b of subparagraph 1 of the first paragraph.

Members of the Order must ensure that those conditions appear in the articles of incorporation of the joint-stock company or in the contract constituting the limited liability partnership and that the documents stipulate that the partnership or joint-stock company is constituted for the purposes of the carrying on of professional activities.

O.C. 1094-2005, s. 1.