S-38 - Cooperative Syndicates Act

Section 46 Disposition versions

1994-01-01

46. No associate who has withdrawn or been dismissed may demand the winding-up of the association.

The sums paid on their shares by associates who have withdrawn or been dismissed shall be paid to them from time to time as the funds realized by the association, not absorbed by the association’s debts then exigible, are paid in. The payments shall be made in the order of the withdrawal or dismissal, without prejudice to the provisions of section 10 as to the minimum figure of the capital, and provided also that the association has not been put in liquidation by dissolution or otherwise during the three months immediately preceding the withdrawal or dismissal of such associate.

In the case of the death, insolvency, bankruptcy or placing under tutorship or curatorship of an associate, his heirs, creditors or representatives shall recover his share in the manner determined by this section; provided always that the capital cannot be reduced under the amount of the original capital as declared in section 10.

Until an associate has entirely discharged his debts and been freed from any security in favour of the association, the latter may, at any time, set off against the said obligations the sums owing for any reason whatever to such associate.

R. S. 1964, c. 294, s. 46; 1992, c. 57, s. 699.

1977-12-31

46. No associate who has withdrawn or been dismissed may demand the winding-up of the association.

The sums paid on their shares by associates who have withdrawn or been dismissed shall be paid to them from time to time as the funds realized by the association, not absorbed by the association’s debts then exigible, are paid in. The payments shall be made in the order of the withdrawal or dismissal, without prejudice to the provisions of section 10 as to the minimum figure of the capital, and provided also that the association has not been put in liquidation by dissolution or otherwise during the three months immediately preceding the withdrawal or dismissal of such associate.

In the case of the death, insolvency, bankruptcy or interdiction of an associate, his heirs, creditors or representatives shall recover his share in the manner determined by this section; provided always that the capital cannot be reduced under the amount of the original capital as declared in section 10.

Until an associate has entirely discharged his debts and been freed from any security in favour of the association, the latter may, at any time, set off against the said obligations the sums owing for any reason whatever to such associate.

R. S. 1964, c. 294, s. 46.