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C-4 - Savings and Credit Unions Act

Section 107
Disposition versions

Full text
107. As soon as winding-up has been voted by the general meeting, every action and every proceeding by way of seizure by garnishment, seizure before judgment or seizure in execution, or otherwise, against the movable or immovable property of the union, must be suspended.
The costs incurred by a creditor after he has had knowledge of the winding-up, by himself or by his attorney, cannot be collocated against the proceeds of the property of the union, which are distributed in consequence of the winding-up.
A judge of the Superior Court in the district in which the head office of the union is located may, however, on such conditions as he may deem proper, authorize the institution of a suit or the continuance of any proceedings commenced.
R. S. 1964, c. 293, s. 94; 1965 (1st sess.), c. 80, a. 1.
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