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C-67.3 - Act respecting financial services cooperatives
Section 582
Disposition versions
582. (Repealed).
582. The decision of the Minister ordering the winding-up of the financial services cooperative has the same effect as an order made by a judge of the Superior Court under section 24 of the Winding-up Act (chapter L‐4). Division IV of that Act and sections 170 and 172 to 179 of this Act apply, with the necessary modifications, to the winding-up.
For the purposes of the Winding-up Act where it applies to a financial services cooperative, “company” means a financial services cooperative, and “shareholder” means a member of the cooperative. In addition, where a provision of that Act requires the vote of the shareholders representing a specified proportion of the capital stock of a company, the provision is considered to require the number of votes cast by the members present at a general meeting of the cooperative corresponding to the specified proportion in value.
In the case of such a winding-up, the order is final. However, the Minister may terminate the winding-up where the interest of the members justifies it.
