C-67.2 - Cooperatives Act

Section 152 Disposition versions

1997-02-14

152. Instead of paying rebates, the annual general meeting may decide to allot common or preferred shares or decide that the rebates allotted shall be loaned to the cooperative by its members, or it may avail itself of both methods of allotment and determine the conditions attached to each method of payment.

The methods of payment and the conditions attached thereto may also be determined in the by-laws of the cooperative.

The repayment of such loans to the members is also subject to the conditions set out in section 38.

The members are then deemed to have subscribed for the shares allotted to them and to have paid for them out of the rebates or, as the case may be, to have lent to the cooperative the amount of the rebates.

1982, c. 26, s. 152; 1995, c. 67, s. 94.

1983-12-21

152. Instead of paying rebates, the cooperative may, if authorized by the general meeting, allot common or preferred shares, or require members to lend to it, on such conditions as it may determine, the rebates allotted to them; or, it may use both these methods of payment.

The members are then deemed by virtue of the resolution or by-law to have subscribed for the shares allotted to them and to have paid for them out of the rebates or, as the case may be, to have lent to the cooperative the amount of the rebates.

1982, c. 26, s. 152.