25. In the case of a voluntary or judicial dissolution, one or three liquidators shall be appointed by the general meeting, which shall be deemed as continuing to exist for the purposes of the liquidation.
The services of the liquidator or liquidators shall be gratuitous unless their remuneration shall have been previously fixed by the general meeting.
The property of the syndicate shall be distributed as follows:
(a) first, provision shall be made for payment of the costs of liquidation and of the debts of the syndicate;
(b) the property derived from gifts or legacies shall be returned, in accordance with the provisions of the act creating the gift or legacy, to the donor or to the legal representatives of the donor or of the testator. Failing such provisions, they shall be handed over to one or more similar or correlated undertakings determined by the by-laws, or, failing by-laws, by the ruling of the general meeting;
(c) then, provision shall be made for the maintenance and administration, in trust, of the special indemnity funds or the pension funds established in accordance with section 9 or 14;
(d) the remaining assets must be devoted to one or more similar undertakings designated by the Minister of Labour.
R. S. 1964, c. 146, s. 24; 1968, c. 43, s. 17; 1969, c. 26, s. 115; 1975, c. 76, s. 11; 1981, c. 9, s. 24, s. 34; 1982, c. 53, s. 56; 1982, c. 52, s. 260; 1989, c. 38, s. 281; 1994, c. 12, s. 66; 1996, c. 29, s. 43.