A-24 - Cooperative Associations Act

Section 19 Disposition versions

1983-04-06

19. A cooperative association shall possess the rights and powers of a corporation within the meaning of the Civil Code and may in particular:

(a)  acquire and hold immoveables and sell, hypothecate, lease or otherwise dispose of the same;

(b)  give in payment of a portion of the price of produce delivered or services rendered to it, up to ten per cent, loan certificates, shares of common stock, bonds or other securities;

(c)  invest, in accordance with paragraphs a to g of article 981o of the Civil Code or in loans to the federation of which it is a member or to another cooperative association, its available funds not immediately required;

(d)  acquire shares of a union governed by the Savings and Credit Unions Act (chapter C-4);

(e)  acquire, in whole or part, and assuming the obligations relating thereto, the assets, stock or shares of any person, society or corporation pursuing objects similar or related to those which it is itself authorized to pursue;

(f)  establish a system of retirement with pension or contribute to the establishment of such a system for the benefit of its employees and their dependants, subject however to the Act respecting supplemental pension plans (chapter R-17);

(g)  create relief funds and social security services for the benefit of the persons mentioned in paragraph f or contribute thereto and pay insurance premiums or contributions for such persons or for its members;

(h)  subscribe or guarantee funds for cooperative promotional or educational purposes or for charitable, benevolent, educational or artistic purposes;

(i)  exercise as mandatary the powers that it is authorized to exercise as principal;

(j)  issue, endorse and accept promissory notes, bills of exchange, drafts and other negotiable instruments;

(k)  borrow, hypothecate its immoveables and pledge its moveables;

(l)  issue bonds and, to secure the payment thereof, hypothecate, mortgage or pledge its moveable and immoveable property, present or future, and convey and transfer the same to a trustee, in accordance with Division VII of the Special Corporate Powers Act (chapter P-16);

(m)  sell, exchange or pledge any bonds so issued;

(n)  retain, for the recovery of any claim by it against a member, any moneys that it may owe him, and apply the same in compensation.

R. S. 1964, c. 292, s. 14; 1966-67, c. 82, s. 4; 1970, c. 58, s. 6; 1977, c. 5, s. 14; 1982, c. 48, s. 340.

1977-12-31

19. A cooperative association shall possess the rights and powers of a corporation within the meaning of the Civil Code and may in particular:

(a)  acquire and hold immoveables and sell, hypothecate, lease or otherwise dispose of the same;

(b)  give in payment of a portion of the price of produce delivered or services rendered to it, up to ten per cent, loan certificates, shares of common stock, bonds or other securities;

(c)  invest, in accordance with paragraphs a to g of article 981o of the Civil Code or in loans to the federation of which it is a member or to another cooperative association, its available funds not immediately required;

(d)  acquire shares of a union governed by the Savings and Credit Unions Act (chapter C-4);

(e)  acquire, in whole or part, and assuming the obligations relating thereto, the assets, stock or shares of any person, society or corporation pursuing objects similar or related to those which it is itself authorized to pursue;

(f)  establish a system of retirement with pension or contribute to the establishment of such a system for the benefit of its employees and their dependants, subject however to the Act respecting supplemental pension plans (chapter R-17);

(g)  create relief funds and social security services for the benefit of the persons mentioned in paragraph f or contribute thereto and pay insurance premiums or contributions for such persons or for its members;

(h)  subscribe or guarantee funds for cooperative promotional or educational purposes or for charitable, benevolent, educational or artistic purposes;

(i)  exercise as mandatary the powers that it is authorized to exercise as principal;

(j)  issue, endorse and accept promissory notes, bills of exchange, drafts and other negotiable instruments;

(k)  borrow, hypothecate its immoveables and pledge its moveables;

(l)  with the authorization of the Commission des valeurs mobilières du Québec, issue bonds and, to secure the payment thereof, hypothecate, mortgage or pledge its moveable and immoveable property, present or future, and convey and transfer the same to a trustee, in accordance with the provisions of Division VII of the Special Corporate Powers Act (chapter P-16);

(m)  sell, exchange or pledge any bonds so issued;

(n)  retain, for the recovery of any claim by it against a member, any moneys that it may owe him, and apply the same in compensation.

R. S. 1964, c. 292, s. 14; 1966-67, c. 82, s. 4; 1970, c. 58, s. 6; 1977, c. 5, s. 14.