C-67.2 - Cooperatives Act

Section 149.3 Disposition versions

2011-02-14

149.3. The board of directors of a cooperative that has constituted an enhancement reserve may, to the extent that the reserve presents a positive balance and within the limits set in the second paragraph, allocate to the enhancement reserve part of the operating surplus or surplus earnings that cannot be allotted to the members or auxiliary members.

Only a proportion of the operating surplus or surplus earnings equal to the proportion of business done by the members or auxiliary members with the cooperative or with a business corporation or partnership in which the cooperative holds shares or other securities may be allocated to the enhancement reserve.

Any deficit must first be charged to the enhancement reserve.

2003, c. 18, s. 75; 2009, c. 52, s. 560.

2005-11-17

149.3. The board of directors of a cooperative that has constituted an enhancement reserve may, to the extent that the reserve presents a positive balance and within the limits set in the second paragraph, allocate to the enhancement reserve part of the operating surplus or surplus earnings that cannot be allotted to the members or auxiliary members.

Only a proportion of the operating surplus or surplus earnings equal to the proportion of business done by the members or auxiliary members with the cooperative or with a company or partnership in which the cooperative holds shares or other securities may be allocated to the enhancement reserve.

Any deficit must first be charged to the enhancement reserve.

2003, c. 18, s. 75.