S-24 - Act respecting cooperative agricultural associations

Section 9 Disposition versions

1983-04-06

9. A cooperative agricultural association shall possess the rights and powers of a corporation within the meaning of the Civil Code and may in particular

(a)  acquire and hold immoveables, and sell, hypothecate, lease or otherwise dispose of the same;

(b)  give in payment for a portion, up to ten per cent, of the price of products delivered to it or of services rendered to it, loan certificates, shares, bonds or other securities of the association;

(c)  invest its available funds in accordance with paragraphs a to g of article 981o of the Civil Code or in loans to the Société coopérative fédérée des agriculteurs de la province de Québec or to any cooperative agricultural association;

(d)  acquire shares of any credit union governed by the Savings and Credit Unions Act (chapter C-4);

(e)  acquire, in whole or in part, assuming the obligations connected therewith, the assets, stock or shares of any person, association or corporation having objects similar or related to those which it is itself authorized to pursue;

(f)  have business offices in various places in Québec;

(g)  subscribe or guarantee funds for purposes of cooperative publicity and education or for charitable, benevolent, artistic or educational purposes;

(h)  exercise as mandatary the powers that it is authorized to exercise as principal;

(i)  issue, endorse and accept promissory notes, bills of exchange, drafts and other negotiable instruments;

(j)  borrow, or hypothecate its immoveables and pledge its moveables as security;

(k)  issue bonds and, to secure payment thereof, hypothecate, mortgage or pledge its moveable and immoveable property, present or future, and convey and transfer the same to a trustee, in accordance with Division VII of the Special Corporate Powers Act (chapter P-16);

(l)  sell, exchange or pledge any bonds so issued.

R. S. 1964, c. 124, s. 9; 1966-67, c. 82, s. 1; 1977, c. 5, s. 14; 1982, c. 48, s. 347.

1977-12-31

9. A cooperative agricultural association shall possess the rights and powers of a corporation within the meaning of the Civil Code and may in particular

(a)  acquire and hold immoveables, and sell, hypothecate, lease or otherwise dispose of the same;

(b)  give in payment for a portion, up to ten per cent, of the price of products delivered to it or of services rendered to it, loan certificates, shares, bonds or other securities of the association;

(c)  invest its available funds in accordance with paragraphs a to g of article 981o of the Civil Code or in loans to the Société coopérative fédérée des agriculteurs de la province de Québec or to any cooperative agricultural association;

(d)  acquire shares of any credit union governed by the Savings and Credit Unions Act (chapter C-4);

(e)  acquire, in whole or in part, assuming the obligations connected therewith, the assets, stock or shares of any person, association or corporation having objects similar or related to those which it is itself authorized to pursue;

(f)  have business offices in various places in Québec;

(g)  subscribe or guarantee funds for purposes of cooperative publicity and education or for charitable, benevolent, artistic or educational purposes;

(h)  exercise as mandatary the powers that it is authorized to exercise as principal;

(i)  issue, endorse and accept promissory notes, bills of exchange, drafts and other negotiable instruments;

(j)  borrow, or hypothecate its immoveables and pledge its moveables as security;

(k)  with the authorization of the Commission des valeurs mobilières du Québec, issue bonds and, to secure payment thereof, hypothecate, mortgage or pledge its moveable and immoveable property, present or future, and convey and transfer the same to a trustee, in accordance with Division VII of the Special Corporate Powers Act (chapter P-16);

(l)  sell, exchange or pledge any bonds so issued.

R. S. 1964, c. 124, s. 9; 1966-67, c. 82, s. 1; 1977, c. 5, s. 14.