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S-38 - Cooperative Syndicates Act
Section 29
Disposition versions
29. It shall decide upon the dissolution of the association, the amendment of its by-laws, and all other questions of interest to the association. It shall reverse or approve the decisions of the board of management, whenever there shall be an appeal therefrom for that purpose by two associates; provided that the contracts entered into with third parties be not affected.
Amendments to the by-laws can only be validly voted by three-fourths of the associates present at a meeting specially adjourned for that purpose to a future date or at a special general meeting convened in accordance with section 31.
The dissolution cannot be decided upon if at least ten members object thereto.
In case of the dissolution of a credit association, the balance of its assets, including the fund or funds mentioned in section 39, shall be applied in the territory of the association, after payment of the liabilities of the association, to one or more works of general public utility designated by the Government.
