Definition : Movable hypothec

Guarantee taken by a creditor, affecting movable property and granting him certain specific rights upon such property to secure the payment of a debt. The movable hypothec ensures, without limitation, that the creditor is to be preferred over certain other creditors of the debtor and that he will be able to exercise a hypothecary remedy, even if the property changes hands. In matters of divided co-ownership, the syndicate may grant a movable hypothec only after obtaining the authorization of the general meeting of the co-owners.

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The Meeting of the co-owners is one of the two decision-making bodies that governs a co-ownership.The major decisions that can potentially concern each member of the co-ownership are in principle taken in assembly. Whether for the work of alteration or improvement of the common portions, the election of the members of the board of directors or the meeting officers, it is up to the co-owners to decide. To ensure the proper functioning of the co-ownership, this body must act impartially in the interest of the community of co-owners and the preservation of the immovable. It must not adopt any decision with the intention to injure the co-owners or some of them or in contempt of their rights.   Its exclusive powers The Meeting of co-owners has powers separate from those of the Board of Directors. It is the Civil Code of Québec and the declaration of co-ownership (Constituting Act) that dictates the powers and responsibilities conferred to it.
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 The resolutions of the General Meeting of the co-owners require complex calculations in order to determine whether a the required majority has been reached. To do so, you must make sure that the register of co-owners is up to date, and that the compilation of votes is done according to the relative value specific to each fraction. This reduces the risk of contestation of an adopted resolution. That said, some decisions have extremely important consequences for all co-owners so the requirements in terms of majorities are then higher. For this reason, the law imposes three levels of majority: absolute, enhanced and double majority, depending on the importance of the decision to be taken.  
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