188. If the cooperative fails to produce the compliance program provided for in section 185.5 or fails to implement the program to the Minister’s satisfaction within the time prescribed, the Minister shall give notice to the cooperative of the default and of the penalty to which the cooperative is liable.
If the cooperative fails to remedy the default within 60 days after the date of the notice, the Minister, after requesting the cooperative to continue under Part IA or Part III of the Companies Act (chapter C‐38) within a specified time, may order the cooperative dissolved.
If the cooperative continues under the Companies Act, it must, in accordance with the terms of an agreement with the Conseil de la coopération du Québec, pay to that council an amount equal to the amount of the reserve that appears in its financial statements at the end of the last fiscal year prior to the continuance.
1982, c. 26, s. 188; 2003, c. 18, s. 97.