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S-40.1, r. 3 - Regulation respecting programs of activities for offenders

Section 12
Disposition versions

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12. In the case of liquidation of a fund, 1 or 3 liquidators must be appointed by the board of directors which is deemed to continue to exist for the purpose of the liquidation.
The services of the liquidator or liquidators are free of charge unless their remuneration has been previously determined by the board of directors.
The property of the fund is distributed as follows:
(1)  the debts of the fund and the liquidation costs are paid first;
(2)  property from gifts or legacies is returned, where applicable, to the donor or testator or their legal representatives in accordance with the provisions of the act constituting the gift or legacy; and
(3)  any remaining assets are then distributed to the central fund.
At the end of the liquidation, the liquidator or liquidators must file with the Minister or the person designated by the Minister a liquidation report, the financial statements of the fund and the activities report for the fiscal year ending on the date of closing of the facility.
O.C. 6-2007, s. 12; O.C. 51-2018, s. 6.
12. In the case of liquidation of a fund, 1 or 3 liquidators must be appointed by the board of directors which is deemed to continue to exist for the purpose of the liquidation.
The services of the liquidator or liquidators are free of charge unless their remuneration has been previously determined by the board of directors.
The property of the fund is distributed as follows:
(1)  the debts of the fund and the liquidation costs are paid first;
(2)  property from gifts or legacies is returned, where applicable, to the donor or testator or their legal representatives in accordance with the provisions of the act constituting the gift or legacy; and
(3)  any remaining assets are then distributed to the central fund.
At the end of the liquidation, the liquidator or liquidators must file with the Minister a liquidation report, the financial statements of the fund and the activities report for the fiscal year ending on the date of closing of the facility.
O.C. 6-2007, s. 12.
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