C-3.1 - Act respecting certain caisses d’entraide économique

Section 135 Disposition versions

1982-04-08

135. The balance of the surplus account and that of the general reserve of a caisse d’entraide économique continued under Chapter II form part, from the date on which it is continued as a company governed by Title II of the Act respecting the sociétés d’entraide économique (chapter S-25.1), of the account of undistributed earnings of the company.

The operating surplus of a union continued as a company is allocated, in the proportion contemplated in the conversion plan, to payment of the interest on the amounts paid on the shares held immediately before the continuance or to payment of rebates to depositors or borrowers as if the company were still a union. Any balance of the operating surplus also forms part of the account of undistributed earnings of the company.

1982, c. 15, s. 135.