R-8.1.1 - Cooperative Investment Plan Act

Section 10 Disposition versions

2012-03-05

10. (Repealed).

2006, c. 37, s. 10; 2012, c. 1, s. 73.

2006-12-06

10. A cooperative or federation of cooperatives wishing to obtain the Minister’s authorization to issue preferred shares for the purposes of this Act must send the Minister a written application along with

(1)  an excerpt from the by-law of the cooperative or federation of cooperatives authorizing the issue of preferred shares;

(2)  a copy of the resolution of the board of directors determining how the preferred shares are to be issued;

(3)  an attestation signed by two directors certifying that the conditions set out in subparagraphs 1 to 4 of the first paragraph of section 3 or paragraphs 1 to 4 of section 4 have been met;

(4)  an attestation signed by two directors certifying that the conditions set out in the second paragraph of section 3 have been met;

(5)  the following information and documents:

(a)  a certificate signed by the auditor of the books of the cooperative or federation of cooperatives certifying that its capitalization rate is less than 60%, except in the case of a work cooperative or shareholding workers cooperative, or

(b)  the information and documents specified in section 18 in respect of an expansion or development project;

(6)  a certificate signed by the auditor of the books of the cooperative or federation of cooperatives certifying that the condition set out in subparagraph 6 of the first paragraph of section 3 or paragraph 6 of section 4 has been met;

(7)  a copy of the last annual report of the cooperative or federation of cooperatives, subject, in the case of a cooperative, to the third paragraph of section 3; and

(8)  any other information required in relation to the qualification of the cooperative or federation of cooperatives.

2006, c. 37, s. 10.