S-26 - Act respecting mineral exploration partnerships

Section 14 Disposition versions

1977-12-31

14. The affairs of the partnership shall be managed by an executive committee of three shareholders who shall hold office until replaced, and who shall elect from among themselves a chairman.

The three persons, or, if there be more than three, the first three, who have signed the declaration contemplated in section 2 of this act shall be the first members of the executive committee.

The members of the executive committee may be replaced:

(a)  By a majority vote of the shareholders present at a meeting of shareholders called for such purpose;

(b)  By a notice in writing, signed by shareholders representing a majority of the outstanding shares of the partnership, forwarded by registered or certified mail to the members of the executive committee then in office, and indicating three shareholders who, from the date of receipt of the said notice, shall constitute the executive committee. Said notice shall be retained in the records of the partnership and shall not be given unless all shareholders have been notified, as prescribed for meetings of the intention to give it.

Vacancies occurring from time to time in the executive committee or in the office of chairman may be filled by the remaining members of the executive committee.

The powers and duties of the executive committee may be exercised and performed by any two of its members.

R. S. 1964, c. 284, s. 14; 1975, c. 83, s. 84.