C-26, r. 55 - Regulation respecting the practice of the certified general accountancy profession within a partnership or joint-stock company

Section 2 Disposition versions

2012-09-01

2. In all other cases, members of the Order are authorized to practise within a limited liability partnership or joint-stock company if

(1)  more than 50% of the voting rights attached to the shares or units of the partnership or joint-stock company are held

(a)  by the following persons practising within the partnership or joint-stock company:

i.  professionals governed by the Professional Code (chapter C-26);

ii.  members in good standing of the Certified General Accountants Association of Canada;

iii.  members in good standing of the Organisme d’autoréglementation du courtage immobilier du Québec;

iv.  members in good standing of the Canadian Institute of Actuaries;

v.  representatives registered in a sector governed by the Autorité des marchés financiers;

vi.  securities dealers or advisers, if they are duly certified by a competent authority; or

vii.  any person carrying on an activity similar to those mentioned above and governed by legislation of another province of Canada recognizing them and subjecting them to similar rules;

(b)  by a legal person, trust or enterprise whose voting rights or units are held exclusively by at least one person referred to in subparagraph a; or

(c)  by a combination of persons, trusts or enterprises referred to in subparagraphs a and b;

(2)  a majority of the directors of the board of directors of the joint-stock company, and the partners or directors appointed by the partners to manage the affairs of the limited liability partnership are persons referred to in subparagraph a of subparagraph 1 of the first paragraph; and

(3)  to constitute a quorum of the board of directors of a partnership or joint-stock company, the majority of members present are persons referred to in subparagraph a of subparagraph 1 of the first paragraph.

Members of the Order must ensure that those conditions appear in the articles of incorporation of the joint-stock company or in the contract constituting the limited liability partnership and that the documents stipulate that the partnership or joint-stock company is constituted for the primary purposes of the carrying on of professional activities.

O.C. 1094-2005, s. 2.