A-24 - Cooperative Associations Act

Section 121 Disposition versions

1977-12-31

121. In the case of a cooperative association formed for educational, scientific, artistic, athletic, sporting or recreational purposes,

(a)  the by-laws may provide for the payment of an annual contribution by the members;

(b)  no interest shall be paid on the common shares;

(c)  the surplus earnings or operating surplus shall not be distributed to members in the form of rebates or otherwise;

(d)  in case of dissolution, the balance of the assets, after payment of the costs and the debts of the association and repayment of the sums paid on the common or preferred shares, shall be applied to a work having a social object designated by the Minister.

R. S. 1964, c. 292, s. 109; 1966-67, c. 72, s. 23; 1970, c. 58, s. 30; 1975, c. 76, s. 11.