C-6.1 - Act constituting Capital régional et coopératif Desjardins

Section 15 Disposition versions

2019-06-19

15. The price of redemption of the class “A” and class “B” shares or fractional shares shall be fixed by the board of directors twice a year, on dates six months apart, on the basis of the value of the Société as established by experts under the responsibility of an independent firm of chartered accountants according to generally accepted accounting principles and adjusted, if necessary, to reflect the fair value of investments in enterprises the Société controls, in joint ventures and in enterprises on which it has significant influence or in which it holds variable interests.

The board of directors may also fix the price of redemption referred to in the first paragraph at any other time in the year, on the basis of an internal valuation which, in each case, must be the subject of a special report of independent chartered accountants confirming continued adherence to the principles and methods used to value the Société.

The Société may, however, accept the offer of a shareholder to receive the last price of redemption so determined rather than the subsequent one. The redemption shall be made within a reasonable time after the date of the request therefor.

However, in the case described in paragraph 3 of section 12, the Société is bound to redeem a shareholder’s share or fractional share as follows:

(1)  where the share or fractional share is a class “A” share or fractional share, it must be redeemed at a price corresponding to the price at which it was acquired from the Société and that price must be paid not later than 30 days after the date of receipt of the request; and

(2)  where the share or fractional share is a class “B” share or fractional share, it must be redeemed by issuing a class “A” share or fractional share to the shareholder, not later than 30 days after the date of receipt of the shareholder’s request.

2001, c. 36, s. 15; 2009, c. 13, s. 1; 2019, c. 14, s. 24.

2009-06-04

15. The price of redemption of the shares or fractional shares shall be fixed by the board of directors twice a year, on dates six months apart, on the basis of the value of the Société as established by experts under the responsibility of an independent firm of chartered accountants according to generally accepted accounting principles and adjusted, if necessary, to reflect the fair value of investments in enterprises the Société controls, in joint ventures and in enterprises on which it has significant influence or in which it holds variable interests.

The board of directors may also fix the price of redemption referred to in the first paragraph at any other time in the year, on the basis of an internal valuation which, in each case, must be the subject of a special report of independent chartered accountants confirming continued adherence to the principles and methods used to value the Société.

The Société may, however, accept the offer of a shareholder to receive the last price of redemption so determined rather than the subsequent one. The redemption shall be made within a reasonable time after the date of the request therefor.

However, in the case described in paragraph 3 of section 12, the Société is bound to redeem the share or fractional share at the price at which it was acquired from the Société and to make the payment not later than 30 days after the date of receipt of the request.

2001, c. 36, s. 15; 2009, c. 13, s. 1.

2001-07-01

15. The price of redemption of the shares or fractional shares shall be fixed by the board of directors twice a year, on dates six months apart, on the basis of the value of the Société as established by experts under the responsibility of an independent firm of chartered accountants and according to generally accepted accounting principles.

The board of directors may also fix the price of redemption referred to in the first paragraph at any other time in the year, on the basis of an internal valuation which, in each case, must be the subject of a special report of independent chartered accountants confirming continued adherence to the generally accepted accounting principles and methods used to value the Société.

The Société may, however, accept the offer of a shareholder to receive the last price of redemption so determined rather than the subsequent one. The redemption shall be made within a reasonable time after the date of the request therefor.

However, in the case described in paragraph 3 of section 12, the Société is bound to redeem the share or fractional share at the price at which it was acquired from the Société and to make the payment not later than 30 days after the date of receipt of the request.

2001, c. 36, s. 15.