C-67.2 - Cooperatives Act

Section 172 Disposition versions

2005-11-17

172. From the date of taking effect appearing on the articles, the absorbing cooperative acquires the rights of the absorbed cooperative and assumes its obligations; the absorbed cooperative is then deemed to continue in existence as the absorbing cooperative and its members and auxiliary members to become members and auxiliary members of the absorbing cooperative.

However, the absorbed cooperative may, if so authorized in the agreement and notwithstanding the date on which the amalgamation takes effect, call and hold a general meeting of its members to allocate the operating surplus or surplus earnings from its last fiscal year to the allotment of rebates to its members and auxiliary members, if any, or to the reserve of the absorbing cooperative; where applicable, the latter cooperative is empowered to carry out any decision made at the meetings.

1982, c. 26, s. 172; 1995, c. 67, s. 106; 2001, c. 36, s. 40; 2003, c. 18, s. 86.

2001-07-01

172. From the date of taking effect appearing on the articles, the absorbing cooperative acquires the rights of the absorbed cooperative and assumes its obligations; the absorbed cooperative is then deemed to continue in existence as the absorbing cooperative and its members to become members of the absorbing cooperative.

However, the absorbed cooperative may, if so authorized in the agreement and notwithstanding the date on which the amalgamation takes effect, call and hold a general meeting of its members to allocate the operating surplus or surplus earnings from its last fiscal year to the allotment of rebates to its members or to the reserve of the absorbing cooperative; where applicable, the latter cooperative is empowered to carry out any decision made at the meetings.

1982, c. 26, s. 172; 1995, c. 67, s. 106; 2001, c. 36, s. 40.

1997-02-14

172. From the date of taking effect appearing on the articles, the absorbing cooperative acquires the rights of the absorbed cooperative and assumes its obligations; the absorbed cooperative is then deemed to continue in existence as the absorbing cooperative and its members to become members of the absorbing cooperative.

However, the absorbed cooperative may, if so authorized in the agreement and notwithstanding the date on which the amalgamation takes effect, call and hold a general meeting of its members to allocate the operating surplus or surplus earnings from its last fiscal year to the allotment of rebates to its members, to the payment of interest on participating preferred shares as participation in the operating surplus or surplus earnings, or to the reserve of the absorbing cooperative; where applicable, the latter cooperative is empowered to carry out any decision made at the meetings.

1982, c. 26, s. 172; 1995, c. 67, s. 106.

1983-12-21

172. From the date appearing on the articles, the absorbing cooperative acquires the rights of the absorbed cooperative and assumes its obligations; the absorbed cooperative is then deemed to continue in existence as the absorbing cooperative and its members to become members of the absorbing cooperative.

1982, c. 26, s. 172.