S-26 - Act respecting mineral exploration partnerships

Section 25 Disposition versions

1983-04-01

25. The partnership shall have power to exercise all the rights granted by this act for a period of five years from the date of its formation. At the expiration of such period, the partnership shall cease to be entitled to acquire any property or rights, except property or rights required in the course and for the purposes of the winding-up of the partnership. During one year thereafter, the partnership shall be wound up; its liabilities shall be discharged and any surplus remaining after the payment of its liabilities shall be distributed rateably amongst its shareholders.

However, within the three months preceding the expiration of the said period of five years, the Inspector General may extend the existence of the partnership for a further period of five years or less, upon a report of the Minister and a written request made by two-thirds of the shareholders of the partnership, after notice given to all the shareholders, as for a meeting. In case of extension, the provisions of this act regarding the winding-up of the partnership and the distribution of its assets shall apply after the expiration of the period of extension.

The extension of the existence of the partnership shall be established by a notice signed by the Inspector General and mailed to the partnership, the Minister and the prothonotary of the Superior Court for the district in which the partnership has its head office, to be registered with the original declaration.

No distribution shall be made amongst or dividend paid to the shareholders of the partnership unless and until all the debts of the partnership have been paid. The members of the executive committee and any person participating in a violation of this provision shall be jointly and severally liable towards every creditor of the partnership to the extent of the sum illegally distributed.

R. S. 1964, c. 284, s. 25; 1966-67, c. 72, s. 23; 1975, c. 76, s. 11; 1981, c. 9, s. 24; 1982, c. 52, s. 248.

1981-06-18

25. The partnership shall have power to exercise all the rights granted by this act for a period of five years from the date of its formation. At the expiration of such period, the partnership shall cease to be entitled to acquire any property or rights, except property or rights required in the course and for the purposes of the winding-up of the partnership. During one year thereafter, the partnership shall be wound up; its liabilities shall be discharged and any surplus remaining after the payment of its liabilities shall be distributed rateably amongst its shareholders.

However, within the three months preceding the expiration of the said period of five years, the Minister of Financial Institutions and Cooperatives may extend the existence of the partnership for a further period of five years or less, upon a report of the Minister and a written request made by two-thirds of the shareholders of the partnership, after notice given to all the shareholders, as for a meeting. In case of extension, the provisions of this act regarding the winding-up of the partnership and the distribution of its assets shall apply after the expiration of the period of extension.

The extension of the existence of the partnership shall be established by a notice signed by the Minister of Financial Institutions and Cooperatives and mailed to the partnership, the Minister and the prothonotary of the Superior Court for the district in which the partnership has its head office, to be registered with the original declaration.

No distribution shall be made amongst or dividend paid to the shareholders of the partnership unless and until all the debts of the partnership have been paid. The members of the executive committee and any person participating in a violation of this provision shall be jointly and severally liable towards every creditor of the partnership to the extent of the sum illegally distributed.

R. S. 1964, c. 284, s. 25; 1966-67, c. 72, s. 23; 1975, c. 76, s. 11; 1981, c. 9, s. 24.

1977-12-31

25. The partnership shall have power to exercise all the rights granted by this act for a period of five years from the date of its formation. At the expiration of such period, the partnership shall cease to be entitled to acquire any property or rights, except property or rights required in the course and for the purposes of the winding-up of the partnership. During one year thereafter, the partnership shall be wound up; its liabilities shall be discharged and any surplus remaining after the payment of its liabilities shall be distributed rateably amongst its shareholders.

However, within the three months preceding the expiration of the said period of five years, the Minister of Consumer Affairs, Cooperatives and Financial Institutions may extend the existence of the partnership for a further period of five years or less, upon a report of the Minister and a written request made by two-thirds of the shareholders of the partnership, after notice given to all the shareholders, as for a meeting. In case of extension, the provisions of this act regarding the winding-up of the partnership and the distribution of its assets shall apply after the expiration of the period of extension.

The extension of the existence of the partnership shall be established by a notice signed by the Minister of Consumer Affairs, Cooperatives and Financial Institutions and mailed to the partnership, the Minister and the prothonotary of the Superior Court for the district in which the partnership has its head office, to be registered with the original declaration.

No distribution shall be made amongst or dividend paid to the shareholders of the partnership unless and until all the debts of the partnership have been paid. The members of the executive committee and any person participating in a violation of this provision shall be jointly and severally liable towards every creditor of the partnership to the extent of the sum illegally distributed.

R. S. 1964, c. 284, s. 25; 1966-67, c. 72, s. 23; 1975, c. 76, s. 11.