S-38 - Cooperative Syndicates Act

Section 6 Disposition versions

1977-12-31

6. The object of the association shall be to study, protect and defend the economic interests of the labouring classes. For that purpose it may buy, for re-sale to the associates only, such articles as are necessary for the support of life or for the works of their industry; open up credits for them and make loans to them; establish works in common for the associates or allow them to devote themselves to processes of production and to sell the products thereof, either collectively or individually; if it be a credit association, it may receive the savings of its members to afford a yielding of profit.

The association, notwithstanding that it is limited to a special territory, may enter into any transaction with any person, corporation or voluntary association, necessary for the proper working of the society or the carrying out of its objects; but all transactions of the association, which yield profits or benefits, shall, being essentially cooperative, be confined to the members.

Such cooperative activities shall not be deemed to constitute the carrying on of a trade, financial establishment or means of earning a profit.

R. S. 1964, c. 294, s. 6.