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Show the members the figures
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Quebec stands fully covered: its own filings and guidance stand in the books beside the federal ones.
The directors approve the statements, and the members see them at the annual meeting — including what directors were paid.
An annual meeting is held each year, at the time the constituting act or the by-laws provide. At the meeting the directors lay before the members a balance sheet made up to a date not more than four months before it, a general statement of income and expenditure, and the report of the auditor or auditors. Binds: Quebec legal persons without share capital (Companies Act, CQLR c. C-38, Part III, carrying Part I’s meeting section with it under s. 224; in Part III, shareholder reads member, s. 225).
The law’s own words
“An annual meeting of the shareholders of the company shall be held at such time each year as the constituting act or by-laws of the company provide”
Companies Act (Quebec), s. 98 · Read it at LégisQuébec · Verified 2026-11-09
“a balance sheet made up to a date not more than four months before such annual meeting”
Companies Act (Quebec), s. 98 · Read it at LégisQuébec · Verified 2026-11-09
“a general statement of income and expenditure for the financial period ending nearest to the date of such balance sheet”
Companies Act (Quebec), s. 98 · Read it at LégisQuébec · Verified 2026-11-09
“the report of the auditor or auditors”
Companies Act (Quebec), s. 98 · Read it at LégisQuébec · Verified 2026-11-09
Civil Code of Québec, articles 345, 346 and 352
“The general meeting is convened each year by the board of directors, or following its directives, within six months after the close of the financial period. The first general meeting is held within six months from the constitution of the legal person.” “The notice convening the annual general meeting indicates the date, time and place of the meeting and the agenda; it is sent to each member qualified to attend, not less than 10 but not more than 45 days before the meeting. Ordinary business need not be mentioned in the agenda of the annual meeting.” “If they represent 10% of the votes, members may require the directors or the secretary to convene an annual or special general meeting, stating in a written notice the business to be transacted at the meeting. If the directors or the secretary fail to act within 21 days after receiving the notice, any of the members who signed it may convene the meeting. The legal person is bound to reimburse to the members the useful expenses incurred by them to hold the meeting, unless the meeting decides otherwise.”
Source: Civil Code of Québec, arts. 345, 346, 352 · Checked 2026-11-10