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S-24 - Act respecting cooperative agricultural associations

Section 40
Disposition versions

Full text
40. As soon as the winding-up has been decided upon 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 moveable or immoveable property of the association, must be suspended.
The costs incurred by a creditor after he has had knowledge of such decision, by himself or by his attorney, cannot be collocated against the proceeds of the property of the association, which are distributed in consequence of the winding-up.
A judge of the Superior Court in the district in which the corporate seat of the association 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. 124, s. 35; 1965 (1st sess.), c. 80, a. 2.
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