N-3, r. 7 - Regulation respecting the practice of the notarial profession within a partnership or joint-stock company

Section 2 Disposition versions

2012-09-01

2. A notary may practise his profession within a partnership or company if the following conditions are respected at all times:

(1)  the majority of votes attached to the company or partnership shares must be held and cast by the following persons or trust patrimonies, or a combination thereof:

(a)  at least one member of a professional order governed by the Professional Code (chapter C-26), or of a professional association that exercises the same control as a professional order and is listed in Schedule A;

(b)  a joint-stock company where at least 90% of the voting shares are held and cast by at least one person contemplated in subparagraph a;

(c)  a trust where all the trustees are persons contemplated in subparagraph a;

(2)  the majority of the directors, partners, or managers must be persons contemplated in subparagraph a of subparagraph 1.

To constitute a quorum at a meeting of the managers or board of a partnership or company, the majority of members present must be the persons contemplated in subparagraph a of subparagraph 1 if they are to commit the partnership or company.

A notary who is a partner, director, manager, officer, or shareholder of the partnership or company shall ensure that these conditions, as well as a stipulation to the effect that the partnership or company is constituted for the purpose of carrying on chiefly professional activities, are included in the articles of the company or the partnership agreement.

O.C. 1092-2005, s. 2.