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S-30.1 - Act respecting municipal and intermunicipal transit authorities

Section 56
Disposition versions

Full text
56. As soon as the transit authority acquires all the capital stock of a public transport undertaking, the functions of the directors of the undertaking then in office cease and the members of the board of directors of the transit authority become the sole directors of such undertaking, without additional remuneration, and without personally being shareholders of such undertaking, notwithstanding any inconsistent provision of any law, charter or by-law.
The members of the board of directors of the transit authority are not liable for acts done previously by the directors of the undertaking so acquired.
1977, c. 64, s. 56; 1999, c. 40, s. 91.
56. As soon as the corporation acquires all the capital stock of a public transport undertaking, the functions of the directors of the undertaking then in office cease and the members of the board of directors of the corporation become the sole directors of such undertaking, without additional remuneration, and without personally being shareholders of such undertaking, notwithstanding any inconsistent provision of any law, charter or by-law.
The members of the board of directors of the corporation are not liable for acts done previously by the directors of the undertaking so acquired.
1977, c. 64, s. 56.
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