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C-67.2 - Cooperatives Act

Section 38
Disposition versions

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38. No cooperative may repay or redeem a share or pay interest on a share if
(1)  it is insolvent or would become insolvent as a result of the repayment, redemption or payment;
(2)  the board of directors shows that the repayment, redemption or payment could adversely affect the financial stability of the cooperative;
(3)  the repayment, redemption or payment would cause the cooperative to be unable to fulfil the undertakings made with any third party that grants it financial assistance.
1982, c. 26, s. 38; 1995, c. 67, s. 20; 2003, c. 18, s. 22.
38. No cooperative may repay or redeem a share or pay interest on a share if
(1)  it is insolvent or would become insolvent as a result of the repayment, redemption or payment;
(2)  the board of directors considers that the repayment, redemption or payment could adversely affect the financial stability of the cooperative;
(3)  the repayment, redemption or payment would cause the cooperative to be unable to fulfil the undertakings made with any third party that grants it financial assistance.
1982, c. 26, s. 38; 1995, c. 67, s. 20.
38. No cooperative may repay or redeem a share
(1)  if it is insolvent or would become insolvent as a result of such repayment or redemption;
(2)  if the board of directors considers that the repayment or redemption could affect the financial stability of the cooperative.
1982, c. 26, s. 38.
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