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C-67.2 - Cooperatives Act

Section 185
Disposition versions

Full text
185. The liquidator shall first pay the debts of the cooperative and the costs of winding-up, and secondly, the amounts paid on the shares according to the priorities established by the by-laws or a resolution.
The sums representing the shares that could not be repaid shall be transferred to the Minister of Revenue together with a statement of the sums indicating the name and last known address of the interested parties and the date on which such sums were transferred to the Minister of Revenue; the Unclaimed Property Act (chapter B-5.1) applies to sums so transferred to the Minister of Revenue.
Where the by-laws of a producers cooperative, a work cooperative or a shareholding workers cooperative contain provisions for the purposes of the second paragraph of section 149.2, the balance remaining in the enhancement reserve, if any, shall be paid to the persons or partnerships that were members or auxiliary members of the cooperative during the period covering the five fiscal years preceding the year the winding-up was voted, in proportion to the business done with the cooperative or with a business corporation or partnership in which the cooperative held shares or other securities during the period determined by the cooperative’s by-laws by those persons or partnerships.
The balance remaining in the enhancement reserve mentioned in the preceding paragraph is the balance appearing on the balance sheet of the cooperative established by the liquidator, minus the net loss from the disposal of the cooperative’s assets.
In the case of a cooperative to which section 149.5 applies, the balance includes, as the case may be, the portion of any profit earned on the disposal of the shares of the cooperative that may be paid into the enhancement reserve.
Once such payments have been made and such sums have been transferred, the balance of the assets is devolved to a cooperative, a federation, a confederation or the Conseil québécois de la coopération et de la mutualité by the meeting of the members by means of a resolution adopted by a majority of the votes cast.
1982, c. 26, s. 185; 1995, c. 67, s. 113; 1997, c. 80, s. 58; 2003, c. 18, s. 92; 2005, c. 44, s. 54; 2009, c. 52, s. 566; 2011, c. 10, s. 98; 2015, c. 3, s. 26, s. 55.
185. The liquidator shall first pay the debts of the cooperative and the costs of winding-up, and secondly, the amounts paid on the shares according to the priorities established by the by-laws or a resolution.
The sums representing the shares that could not be repaid shall be transferred to the Minister of Revenue together with a statement of the sums indicating the name and last known address of the interested parties and the date on which such sums were transferred to the Minister of Revenue; the Unclaimed Property Act (chapter B-5.1) applies to sums so transferred to the Minister of Revenue.
Where the by-laws of a producers cooperative, a work cooperative or a shareholding workers cooperative contain provisions for the purposes of the second paragraph of section 149.2, the balance remaining in the enhancement reserve, if any, shall be paid to the persons or partnerships that were members or auxiliary members of the cooperative during the period covering the five fiscal years preceding the year the winding-up was voted, in proportion to the business done with the cooperative or with a business corporation or partnership in which the cooperative held shares or other securities during the period determined by the cooperative’s by-laws by those persons or partnerships.
The balance remaining in the enhancement reserve mentioned in the preceding paragraph is the balance appearing on the balance sheet of the cooperative established by the liquidator, minus the net loss from the disposal of the cooperative’s assets.
In the case of a cooperative to which section 149.5 applies, the balance includes, as the case may be, the portion of any profit earned on the disposal of the shares of the cooperative that may be paid into the enhancement reserve.
Once such payments have been made and such sums have been transferred, the balance of the assets shall be transferred to a cooperative, a federation, a confederation or the Conseil de la coopération du Québec by the meeting of the members by means of a resolution adopted by a majority of the votes cast.
1982, c. 26, s. 185; 1995, c. 67, s. 113; 1997, c. 80, s. 58; 2003, c. 18, s. 92; 2005, c. 44, s. 54; 2009, c. 52, s. 566; 2011, c. 10, s. 98.
185. The liquidator shall first pay the debts of the cooperative and the costs of winding-up, and secondly, the amounts paid on the shares according to the priorities established by the by-laws or a resolution.
The sums representing the shares that could not be repaid shall be transferred to the Minister of Revenue together with a statement of the sums indicating the name and last known address of the interested parties and the date on which such sums were transferred to the Minister of Revenue; the provisions of the Public Curator Act (chapter C‐81) pertaining to unclaimed property shall apply to sums so transferred to the Minister of Revenue.
Where the by-laws of a producers cooperative, a work cooperative or a shareholding workers cooperative contain provisions for the purposes of the second paragraph of section 149.2, the balance remaining in the enhancement reserve, if any, shall be paid to the persons or partnerships that were members or auxiliary members of the cooperative during the period covering the five fiscal years preceding the year the winding-up was voted, in proportion to the business done with the cooperative or with a business corporation or partnership in which the cooperative held shares or other securities during the period determined by the cooperative’s by-laws by those persons or partnerships.
The balance remaining in the enhancement reserve mentioned in the preceding paragraph is the balance appearing on the balance sheet of the cooperative established by the liquidator, minus the net loss from the disposal of the cooperative’s assets.
In the case of a cooperative to which section 149.5 applies, the balance includes, as the case may be, the portion of any profit earned on the disposal of the shares of the cooperative that may be paid into the enhancement reserve.
Once such payments have been made and such sums have been transferred, the balance of the assets shall be transferred to a cooperative, a federation, a confederation or the Conseil de la coopération du Québec by the meeting of the members by means of a resolution adopted by a majority of the votes cast.
1982, c. 26, s. 185; 1995, c. 67, s. 113; 1997, c. 80, s. 58; 2003, c. 18, s. 92; 2005, c. 44, s. 54; 2009, c. 52, s. 566.
185. The liquidator shall first pay the debts of the cooperative and the costs of winding-up, and secondly, the amounts paid on the shares according to the priorities established by the by-laws or a resolution.
The sums representing the shares that could not be repaid shall be transferred to the Minister of Revenue together with a statement of the sums indicating the name and last known address of the interested parties and the date on which such sums were transferred to the Minister of Revenue; the provisions of the Public Curator Act (chapter C‐81) pertaining to unclaimed property shall apply to sums so transferred to the Minister of Revenue.
Where the by-laws of a producers cooperative, a work cooperative or a shareholding workers cooperative contain provisions for the purposes of the second paragraph of section 149.2, the balance remaining in the enhancement reserve, if any, shall be paid to the persons or partnerships that were members or auxiliary members of the cooperative during the period covering the five fiscal years preceding the year the winding-up was voted, in proportion to the business done with the cooperative or with a company or partnership in which the cooperative held shares or other securities during the period determined by the cooperative’s by-laws by those persons or partnerships.
The balance remaining in the enhancement reserve mentioned in the preceding paragraph is the balance appearing on the balance sheet of the cooperative established by the liquidator, minus the net loss from the disposal of the cooperative’s assets.
In the case of a cooperative to which section 149.5 applies, the balance includes, as the case may be, the portion of any profit earned on the disposal of the shares of the cooperative that may be paid into the enhancement reserve.
Once such payments have been made and such sums have been transferred, the balance of the assets shall be transferred to a cooperative, a federation, a confederation or the Conseil de la coopération du Québec by the meeting of the members by means of a resolution adopted by a majority of the votes cast.
1982, c. 26, s. 185; 1995, c. 67, s. 113; 1997, c. 80, s. 58; 2003, c. 18, s. 92; 2005, c. 44, s. 54.
185. The liquidator shall first pay the debts of the cooperative and the costs of winding-up, and secondly, the amounts paid on the shares according to the priorities established by the by-laws or a resolution.
The sums representing the shares that could not be repaid shall be transferred to the Public Curator together with a statement of the sums indicating the name and last known address of the interested parties and the date on which such sums were transferred to the Public Curator; the provisions of the Public Curator Act (chapter C‐81) pertaining to unclaimed property shall apply to sums so transferred to the Public Curator.
Where the by-laws of a producers cooperative, a work cooperative or a shareholding workers cooperative contain provisions for the purposes of the second paragraph of section 149.2, the balance remaining in the enhancement reserve, if any, shall be paid to the persons or partnerships that were members or auxiliary members of the cooperative during the period covering the five fiscal years preceding the year the winding-up was voted, in proportion to the business done with the cooperative or with a company or partnership in which the cooperative held shares or other securities during the period determined by the cooperative’s by-laws by those persons or partnerships.
The balance remaining in the enhancement reserve mentioned in the preceding paragraph is the balance appearing on the balance sheet of the cooperative established by the liquidator, minus the net loss from the disposal of the cooperative’s assets.
In the case of a cooperative to which section 149.5 applies, the balance includes, as the case may be, the portion of any profit earned on the disposal of the shares of the cooperative that may be paid into the enhancement reserve.
Once such payments have been made and such sums have been transferred, the balance of the assets shall be transferred to a cooperative, a federation, a confederation or the Conseil de la coopération du Québec by the meeting of the members by means of a resolution adopted by a majority of the votes cast.
1982, c. 26, s. 185; 1995, c. 67, s. 113; 1997, c. 80, s. 58; 2003, c. 18, s. 92.
185. The liquidator shall first pay the debts of the cooperative and the costs of winding-up, and secondly, the amounts paid on the shares according to the priorities established by the by-laws.
The sums representing the shares that could not be repaid shall be transferred to the Public Curator together with a statement of the sums indicating the name and last known address of the interested parties and the date on which such sums were transferred to the Public Curator; the provisions of the Public Curator Act (chapter C-81) pertaining to unclaimed property shall apply to sums so transferred to the Public Curator.
Once such payments have been made and such sums have been transferred, the balance of the assets shall be transferred to a cooperative, a federation, a confederation or the Conseil de la coopération du Québec by the meeting of the members by means of a resolution adopted by a majority of the votes cast.
1982, c. 26, s. 185; 1995, c. 67, s. 113; 1997, c. 80, s. 58.
185. The liquidator shall first pay the debts of the cooperative and the costs of winding-up, and secondly, the amounts paid on the shares according to the priorities established by the by-laws.
Once such payments have been made, the balance of the assets shall be transferred to a cooperative, a federation, a confederation or the Conseil de la coopération du Québec by the meeting of the members by means of a resolution adopted by a majority of the votes cast.
1982, c. 26, s. 185; 1995, c. 67, s. 113.
185. The liquidator shall first pay the debts of the cooperative and the costs of winding-up, and secondly, the amounts paid on the shares according to the priorities established by the by-laws.
After the payments pursuant to the first paragraph, the balance of the assets devolve to such cooperative or federation, including the Coopérative fédérée de Québec, as the Minister may designate upon the advice of the Conseil de la coopération du Québec.
1982, c. 26, s. 185.
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