S-24 - Act respecting cooperative agricultural associations

Section 32 Disposition versions

1977-12-31

32. Every cooperative formed before the 4th of April, 1930, may, at a general meeting called for the purpose and upon the decision of two-thirds of its members present, provide that the subscription for shares exigible from shareholders shall be subject to the terms of this act as amended at or since such date.

Subject to the provisions of the last paragraph of section 25, the dissenting members are entitled to be refunded the sums which they have paid into the capital of the association, by means of a preferred share bearing interest at five per cent. In order to benefit from this provision, they must declare their dissent to the secretary-treasurer during the meeting, or, if absent from the meeting, within a delay of ten days.

Except with regard to the subscription for shares exigible from shareholders, acts performed in accordance with the law in force after the 4th of April 1930 by a cooperative agricultural association formed prior to such date shall be valid, although such cooperative may not have complied with the first paragraph of this section.

R. S. 1964, c. 124, s. 32.