257. The Commission may recommend that the Minister appoint a provisional administrator to administer the property of a person or the affairs of a company in the place of the board of directors in any of the following cases:
(1) where an investigation is being made in respect of the person;
(2) where the Commission considers that one or more senior executives of the person have committed a malversation, a breach of trust or any other offence;
(3) where the management by the senior executives is being effected in an unacceptable manner, having regard to generally accepted principles, and is of a nature that would tend to depreciate the securities issued by the person;
(4) where the Commission deems it imperative that the clients of a registrant or the holders of securities be protected.
In the case of a company incorporated outside Québec, the recommended mandate of the provisional administrator is to administer the property of that company which is situated in Québec.
1982, c. 48, s. 257; 1990, c. 77, s. 40.