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C-67.3 - Act respecting financial services cooperatives
Section 547.51
Disposition versions
547.51. As of the effective date shown on the certificate,
(1) all the financial services cooperatives belonging to the Group, together with the Fund, are continued as a legal person to be wound up and their patrimonies are joined together to form the patrimony of the legal person; and
(2) the rights and obligations of the cooperatives and the Fund become rights and obligations of the legal person to be wound up and the latter becomes a party to any judicial or administrative proceeding to which the cooperatives and the Fund were parties.
The legal person to be wound up is without organs or members; it has neither articles nor by-laws. It is dissolved immediately following the amalgamation provided for in the first paragraph and, as provided for in article 357 of the Civil Code, its legal personality subsists for the purposes of the winding-up.
Not in force
547.51. As of the effective date shown on the certificate,
(1) all the financial services cooperatives belonging to the Group, together with the Fund, are continued as a legal person to be wound up and their patrimonies are joined together to form the patrimony of the legal person; and
(2) the rights and obligations of the cooperatives and the Fund become rights and obligations of the legal person to be wound up and the latter becomes a party to any judicial or administrative proceeding to which the cooperatives and the Fund were parties.
The legal person to be wound up is without organs or members; it has neither articles nor by-laws. It is dissolved immediately following the amalgamation provided for in the first paragraph and, as provided for in article 357 of the Civil Code, its legal personality subsists for the purposes of the winding-up.
