17. A legal person without share capital, constituted under Part III of this Act or under any other special or general Act of Québec, may, with the consent in writing of at least four-fifths of the members present at a special general meeting called for such purpose, provide by by-law for the creation of a capital divided into shares and for the allotment and payment of such shares, and may fix and prescribe the rights and privileges of the shareholders. Such by-law shall be forthwith transmitted to the enterprise registrar to be confirmed by letters patent or supplementary letters patent which he shall deposit in the register.
The third paragraph of section 7 and sections 9.1, 9.2, 10 and 10.1 apply to the by-law.
Subject to such deposit, but counting from the issue of the letters patent or supplementary letters patent, the legal person shall cease to be governed by the provisions of Part III, and shall in every respect be subject to the provisions of this Part.
In the case of a legal person constituted under any general or special Act, the by-law must, moreover, if not so provided in its charter of constitution as a legal person, contain all the declarations contained in section 7.
R. S. 1964, c. 271, s. 17; 1966-67, c. 72, s. 23; 1972, c. 61, s. 6; 1975, c. 76, s. 11; 1981, c. 9, s. 24; 1982, c. 52, s. 138; 1993, c. 48, s. 242; 1999, c. 40, s. 70; 2002, c. 45, s. 278.