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A-24 - Cooperative Associations Act

Section 91
Disposition versions

Full text
91. Instead of paying rebates, the general meeting may:
(a)  allot common or preferred shares to members or patrons;
(b)  require members or patrons to lend to the association the rebates allotted or credited to them.
In the case of paragraph a, the member or patron shall be deemed to have subscribed for the common or preferred shares alloted to him and to have agreed to pay for them out of his rebates.
A by-law in accordance with paragraph b shall have the same effect as a contract made by the member or patron and shall create a legal obligation on his part to lend the rebates allocated or credited to him.
R. S. 1964, c. 292, s. 85.
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