C-67.3 - Act respecting financial services cooperatives

Section 6.5 Disposition versions

2018-07-13

6.5. For the purposes of this Act, “holder of control” of the following groups means,

(1)  in the case of a business corporation, the holder of shares conferring more than 50% of the voting rights or whoever can otherwise choose the majority of its directors;

(2)  in the case of a partnership that is a limited partnership, the general partner and, in the case of any other type of partnership, the partner who can determine the outcome of collective decisions, if applicable;

(3)  in the case of a trust, the trustee;

(4)  in the case of co‑owners in indivision, the manager or, in the absence of a manager, if one of the co‑owners can determine the outcome of collective decisions made by majority vote, that co‑owner; and

(5)  in the case of a security fund, the federation belonging to the same cooperative group.

No one is the holder of control of a financial services cooperative, of a mutual company or of any other group that confers voting rights on a one member, one vote basis.

2018, c. 23, s. 32.