C-67.2 - Cooperatives Act

Section 191.1 Disposition versions

2024-02-21

191.1. As part of the winding-up of a housing cooperative, the Minister of Revenue or the designated liquidator may, with regard to an immovable that is included in the cooperative’s assets, after sending the Conseil québécois de la coopération et de la mutualité a summary description of each of the purchase offers received for the immovable, accept a purchase offer the amount of which is not the highest, regardless of when it was received, if the following conditions are met:

(1)  the offer maintains the social or community destination of the immovable or confers on it such a destination;

(2)  the amount of the offer is

(a)  equal to or greater than the lesser of the amount of the municipal assessment or that of the market value of the immovable established by a chartered appraiser, taking into account, if applicable, the social or community destination of the immovable; or

(b)  higher than that of the other offers that meet the condition set out in subparagraph 1; and

(3)  in the 15 days after obtaining the summary description of the offers, the Conseil québécois de la coopération et de la mutualité agreed to, or did not object to, the acceptance of the offer.

2024, c. 2, s. 38.