C-67.2 - Cooperatives Act

Section 146 Disposition versions

2005-11-17

146. The members must allocate at least 10% of the operating surplus or surplus earnings to the reserve and, in addition, they must allocate to the reserve or allot as rebates in the form of shares an additional percentage of at least 10% of the operating surplus or surplus earnings.

The cooperative must comply with this total obligation of allocation until equity is equal to at least 40% of the debts of the cooperative.

The operating surplus or surplus earnings referred to in the first paragraph are the operating surplus or surplus earnings appearing in the income statement of the cooperative once the interest allocated to preferred shares and participating preferred shares, including interest allocated as participation in the operating surplus or surplus earnings, has been deducted.

1982, c. 26, s. 146; 1995, c. 67, s. 89; 2001, c. 36, s. 38; 2003, c. 18, s. 73.

2001-07-01

146. At least 20 % of the operating surplus or surplus earnings must be allocated to the reserve or allotted as rebates in the form of shares, until equity is equal to at least 30 % of the debts of the cooperative.

The operating surplus or surplus earnings referred to in the first paragraph are the operating surplus or surplus earnings appearing in the income statement of the cooperative once the interest allocated to preferred shares and participating preferred shares, including interest allocated as participation in the operating surplus or surplus earnings, has been deducted.

1982, c. 26, s. 146; 1995, c. 67, s. 89; 2001, c. 36, s. 38.

1997-02-14

146. At least 20 % of the operating surplus or surplus earnings must be allocated to the reserve or allotted as rebates in the form of shares, until equity is equal to at least 30 % of the debts of the cooperative.

The operating surplus or surplus earnings referred to in the first paragraph are the operating surplus or surplus earnings appearing in the income statement of the cooperative once the interest allocated to preferred shares and participating preferred shares, other than interest allocated as participation in the operating surplus or surplus earnings, has been deducted.

1982, c. 26, s. 146; 1995, c. 67, s. 89.

1983-12-21

146. The members shall allocate not less than 20% of the operating surpluses or surplus earnings to the reserve until it is equal to or greater than 25% of the debts of the cooperative.

1982, c. 26, s. 146.