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C-27.1 - Municipal Code of Québec
Section 711.16
Disposition versions
711.16. No member may withdraw from the legal person before the expiry of five years after the date on which it became a member.
After the five-year period, the withdrawal of a member is subject to the authorization of the Autorité des marchés financiers.
The Autorité des marchés financiers shall grant authorization
(1) if it considers that the legal person remains financially viable despite the withdrawal;
(2) if the legal person agrees to comply with the conditions the Authority considers necessary for the legal person to remain financially viable despite the withdrawal.
If the legal person cannot, in the opinion of the Autorité des marchés financiers, remain financially viable despite the withdrawal or if the legal person refuses to comply with the conditions considered necessary by the Autorité des marchés financiers, the latter shall order the winding-up of the legal person and appoint a liquidator.
The Autorité des marchés financiers shall, before ordering the winding-up of the legal person, give it an opportunity to present observations in writing within 30 days after the sending of a notice in which the Authority informs the legal person of its intention to order its winding-up.
The order has the same effect as an order rendered by a judge of the Superior Court under section 25 of the Winding-up Act (chapter L-4).
Where the Autorité des marchés financiers orders the winding-up of the legal person, it shall transmit a notice to that effect to the enterprise registrar who shall deposit it in the enterprise register.
This article also applies in cases of expulsion of a member of the legal person.
711.16. No member may withdraw from the legal person before the expiry of five years after the date on which it became a member.
After the five-year period, the withdrawal of a member is subject to the authorization of the Autorité des marchés financiers.
The Autorité des marchés financiers shall grant authorization
(1) if it considers that the legal person remains financially viable despite the withdrawal;
(2) if the legal person agrees to comply with the conditions the Authority considers necessary for the legal person to remain financially viable despite the withdrawal.
If the legal person cannot, in the opinion of the Autorité des marchés financiers, remain financially viable despite the withdrawal or if the legal person refuses to comply with the conditions considered necessary by the Autorité des marchés financiers, the latter shall order the winding-up of the legal person and appoint a liquidator.
The Autorité des marchés financiers shall, before ordering the winding-up of the legal person, give it an opportunity to present observations in writing within 30 days after the sending of a notice in which the Authority informs the legal person of its intention to order its winding-up.
The order has the same effect as an order rendered by a judge of the Superior Court under section 25 of the Winding-up Act (chapter L-4).
Where the Autorité des marchés financiers orders the winding-up of the legal person, it shall transmit a notice to that effect to the enterprise registrar who shall deposit it in the enterprise register.
The provisions of Chapter XI of Title IV of the Act respecting insurance (chapter A-32) also apply, adapted as required, to the winding-up so ordered to the extent that they are not inconsistent with the provisions of the Act respecting insurance.
This article also applies in cases of expulsion of a member of the legal person.
711.16. No member may withdraw from the legal person before the expiry of five years after the date on which it became a member.
After the five-year period, the withdrawal of a member is subject to the authorization of the Autorité des marchés financiers.
The Autorité des marchés financiers shall grant authorization
(1) if it considers that the legal person remains financially viable despite the withdrawal;
(2) if the legal person agrees to comply with the conditions the Authority considers necessary for the legal person to remain financially viable despite the withdrawal.
If the legal person cannot, in the opinion of the Autorité des marchés financiers, remain financially viable despite the withdrawal or if the legal person refuses to comply with the conditions considered necessary by the Autorité des marchés financiers, the latter shall order the winding-up of the legal person and appoint a liquidator.
The Autorité des marchés financiers shall, before ordering the winding-up of the legal person, give it an opportunity to present observations in writing within 30 days after the sending of a notice in which the Authority informs the legal person of its intention to order its winding-up.
The order has the same effect as an order rendered by a judge of the Superior Court under section 25 of the Winding-up Act (chapter L-4).
Where the Autorité des marchés financiers orders the winding-up of the legal person, it shall transmit a notice to that effect to the enterprise registrar who shall deposit it in the register of sole proprietorships, partnerships and legal persons.
The provisions of Chapter XI of Title IV of the Act respecting insurance (chapter A-32) also apply, adapted as required, to the winding-up so ordered to the extent that they are not inconsistent with the provisions of the Act respecting insurance.
This article also applies in cases of expulsion of a member of the legal person.
711.16. No member may withdraw from the legal person before the expiry of five years after the date on which it became a member.
After the five-year period, the withdrawal of a member is subject to the authorization of the Agence nationale d’encadrement du secteur financier.
The Agence nationale d’encadrement du secteur financier shall grant authorization
(1) if it considers that the legal person remains financially viable despite the withdrawal;
(2) if the legal person agrees to comply with the conditions the Agency considers necessary for the legal person to remain financially viable despite the withdrawal.
If the legal person cannot, in the opinion of the Agence nationale d’encadrement du secteur financier, remain financially viable despite the withdrawal or if the legal person refuses to comply with the conditions considered necessary by the Agence nationale d’encadrement du secteur financier, the latter shall order the winding-up of the legal person and appoint a liquidator.
The Agence nationale d’encadrement du secteur financier shall, before ordering the winding-up of the legal person, give it an opportunity to present observations in writing within 30 days after the sending of a notice in which the Agency informs the legal person of its intention to order its winding-up.
The order has the same effect as an order rendered by a judge of the Superior Court under section 25 of the Winding-up Act (chapter L-4).
Where the Agence nationale d’encadrement du secteur financier orders the winding-up of the legal person, it shall transmit a notice to that effect to the enterprise registrar who shall deposit it in the register of sole proprietorships, partnerships and legal persons.
The provisions of Chapter XI of Title IV of the Act respecting insurance (chapter A-32) also apply, adapted as required, to the winding-up so ordered to the extent that they are not inconsistent with the provisions of the Act respecting insurance.
This article also applies in cases of expulsion of a member of the legal person.
711.16. No member may withdraw from the legal person before the expiry of five years after the date on which it became a member.
After the five-year period, the withdrawal of a member is subject to the authorization of the Inspector General.
The Inspector General shall grant his authorization
(1) if he considers that the legal person remains financially viable despite the withdrawal;
(2) if the legal person agrees to comply with the conditions he considers necessary for the legal person to remain financially viable despite the withdrawal.
If the legal person cannot, in the opinion of the Inspector General, remain financially viable despite the withdrawal or if the legal person refuses to comply with the conditions considered necessary by the Inspector General, the latter shall order the winding-up of the legal person and appoint a liquidator.
The Inspector General shall, before ordering the winding-up of the legal person, give it an opportunity to present observations in writing within 30 days after the sending of a notice in which he informs the legal person of his intention to order its winding-up.
The order has the same effect as an order rendered by a judge of the Superior Court under section 25 of the Winding-up Act (chapter L-4).
Where the Inspector General orders the winding-up of the legal person, he shall deposit a notice to that effect in the register.
The provisions of Chapter XI of Title IV of the Act respecting insurance (chapter A-32) also apply, adapted as required, to the winding-up so ordered to the extent that they are not inconsistent with the provisions of the Act respecting insurance.
This article also applies in cases of expulsion of a member of the legal person.
711.16. No member may withdraw from the legal person before the expiry of three years after the date on which it became a member.
After the three-year period, the withdrawal of a member is subject to the authorization of the Inspector General.
The Inspector General shall grant his authorization
(1) if he considers that the legal person remains financially viable despite the withdrawal;
(2) if the legal person agrees to comply with the conditions he considers necessary for the legal person to remain financially viable despite the withdrawal.
If the legal person cannot, in the opinion of the Inspector General, remain financially viable despite the withdrawal or if the legal person refuses to comply with the conditions considered necessary by the Inspector General, the latter shall order the winding-up of the legal person and appoint a liquidator.
The Inspector General shall, before ordering the winding-up of the legal person, give it an opportunity to present observations in writing within 30 days after the sending of a notice in which he informs the legal person of his intention to order its winding-up.
The order has the same effect as an order rendered by a judge of the Superior Court under section 25 of the Winding-up Act (chapter L-4).
Where the Inspector General orders the winding-up of the legal person, he shall deposit a notice to that effect in the register.
The provisions of Chapter XI of Title IV of the Act respecting insurance (chapter A-32) also apply, adapted as required, to the winding-up so ordered to the extent that they are not inconsistent with the provisions of the Act respecting insurance.
This article also applies in cases of expulsion of a member of the legal person.
711.16. No member may withdraw from the corporation before the expiry of three years after the date on which it became a member.
After the three-year period, the withdrawal of a member is subject to the authorization of the Inspector General.
The Inspector General shall grant his authorization
(1) if he considers that the corporation remains financially viable despite the withdrawal;
(2) if the corporation agrees to comply with the conditions he considers necessary for the corporation to remain financially viable despite the withdrawal.
If the corporation cannot, in the opinion of the Inspector General, remain financially viable despite the withdrawal or if the corporation refuses to comply with the conditions considered necessary by the Inspector General, the latter shall order the winding-up of the corporation and appoint a liquidator.
The Inspector General shall, before ordering the winding-up of the corporation, give it an opportunity to present observations in writing within 30 days after the sending of a notice in which he informs the corporation of his intention to order its winding-up.
The order has the same effect as an order rendered by a judge of the Superior Court under section 25 of the Winding-up Act (chapter L-4).
Where the Inspector General orders the winding-up of the corporation, he shall deposit a notice to that effect in the register.
The provisions of Chapter XI of Title IV of the Act respecting insurance (chapter A-32) also apply, adapted as required, to the winding-up so ordered to the extent that they are not inconsistent with the provisions of the Act respecting insurance.
This article also applies in cases of expulsion of a member of the corporation.
711.16. No member may withdraw from the corporation before the expiry of three years after the date on which it became a member.
After the three-year period, the withdrawal of a member is subject to the authorization of the Inspector General.
The Inspector General shall grant his authorization
(1) if he considers that the corporation remains financially viable despite the withdrawal;
(2) if the corporation agrees to comply with the conditions he considers necessary for the corporation to remain financially viable despite the withdrawal.
If the corporation cannot, in the opinion of the Inspector General, remain financially viable despite the withdrawal or if the corporation refuses to comply with the conditions considered necessary by the Inspector General, the latter shall order the winding-up of the corporation and appoint a liquidator.
The Inspector General shall, before ordering the winding-up of the corporation, give it an opportunity to present observations in writing within 30 days after the sending of a notice in which he informs the corporation of his intention to order its winding-up.
The order has the same effect as an order rendered by a judge of the Superior Court under section 25 of the Winding-up Act (chapter L-4).
The provisions of Chapter XI of Title IV of the Act respecting insurance (chapter A-32) also apply, adapted as required, to the winding-up so ordered to the extent that they are not inconsistent with the provisions of the Act respecting insurance.
This article also applies in cases of expulsion of a member of the corporation.
