S-25.1 - Act respecting the sociétés d’entraide économique

Section 150 Disposition versions

2004-12-17

150. The Autorité des marchés financiers may recommend to the Minister to suspend the powers of the board of directors of a company and appoint an administrator to exercise its powers if, pursuant to an inspection or any statement or report required by this title or the regulations, it is of opinion

(1)  that some of the assets have been the object of an embezzlement;

(2)  that the assets are insufficient to ensure adequate protection to the depositors, creditors and shareholders;

(3)  that there has been misconduct, misappropriation or breach of trust by one or more directors, or the directors neglect seriously the obligations imposed by this title and the regulations made under this Act or by the standards of the federation;

(4)  that certain of the financial, commercial or management methods followed by the company might reduce the value of its securities.

1981, c. 31, s. 150; 1982, c. 52, s. 237; 2002, c. 45, s. 564; 2004, c. 37, s. 90.

2004-02-01

150. The Agence nationale d’encadrement du secteur financier may recommend to the Minister to suspend the powers of the board of directors of a company and appoint an administrator to exercise its powers if, pursuant to an inspection or any statement or report required by this title or the regulations, it is of opinion

(1)  that some of the assets have been the object of an embezzlement;

(2)  that the assets are insufficient to ensure adequate protection to the depositors, creditors and shareholders;

(3)  that there has been misconduct, misappropriation or breach of trust by one or more directors, or the directors neglect seriously the obligations imposed by this title and the regulations made under this Act or by the standards of the federation;

(4)  that certain of the financial, commercial or management methods followed by the company might reduce the value of its securities.

1981, c. 31, s. 150; 1982, c. 52, s. 237; 2002, c. 45, s. 564.

1983-04-01

150. The Inspector General may recommend to the Minister to suspend the powers of the board of directors of a company and appoint an administrator to exercise its powers if, pursuant to an inspection or any statement or report required by this title or the regulations, he is of opinion

(1)  that some of the assets have been the object of an embezzlement;

(2)  that the assets are insufficient to ensure adequate protection to the depositors, creditors and shareholders;

(3)  that there has been misconduct, misappropriation or breach of trust by one or more directors, or the directors neglect seriously the obligations imposed by this title and the regulations made under this Act or by the standards of the federation;

(4)  that certain of the financial, commercial or management methods followed by the company might reduce the value of its securities.

1981, c. 31, s. 150; 1982, c. 52, s. 237.

1982-03-01

150. The Minister may suspend the powers of the board of directors and appoint, for such period as he may determine, an administrator to exercise its powers if, pursuant to an inspection or any statement or report required by this title or the regulations, he is of opinion

(1)  that some of the assets have been the object of an embezzlement;

(2)  that the assets are insufficient to ensure adequate protection to the depositors, creditors and shareholders;

(3)  that there has been misconduct, misappropriation or breach of trust by one or more directors, or the directors neglect seriously the obligations imposed by this title and the regulations made under this Act or by the standards of the federation;

(4)  that certain of the financial, commercial or management methods followed by the company might reduce the value of its securities.

1981, c. 31, s. 150.