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S-24 - Act respecting cooperative agricultural associations

Section 26
Disposition versions

Full text
26. In lieu of the payment of refunds, the general meeting may
(a)  allot to the members or patrons ordinary or preferred shares;
(b)  oblige the members or patrons to lend the refunds allotted or credited to them to the association.
In the case of paragraph a, the member or patron shall be deemed to have subscribed for the ordinary or preferred shares allotted to him and to have agreed to pay for them out of his refunds.
A by-law under paragraph b shall have the same effect as a contract made by the member or patron and shall create a legal obligation on his part to lend the refunds assigned or credited to him.
R. S. 1964, c. 124, s. 26.
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