Part 12 — Fundamental Changes
264 Amendment of articles
cooperative may be amended by a special resolution to
(a) change the name of the cooperative,
(b) repealed 2022 c16 s3(47),
(c) add, change or remove a restriction on the business or
businesses that the cooperative may carry on,
(d) convert par-value membership shares into no-par-value
membership shares and provide for a maximum number of
membership shares that may be issued,
(e) change a price or formula to be used when membership
shares are issued or redeemed or otherwise acquired by the
cooperative,
(f) add, change or remove restrictions on membership,
(g) convert a cooperative th at is incorporated without
membership shares to a cooperative with membership shares
and provide for membership shares with a par value and
their par value or membership shares without a par value
and the maximum number of membership shares that may
be issued,
(h) convert a cooperative with membership shares into a
cooperative without membership shares and provide for the
conversion of membership shares into member loans,
(i) change any maximum number o f shares that the cooperative
is authorized to issue,
(j) reduce or increase the co operative's stated capital, which for
the purposes of the amendment is deemed to be set out in
the articles,
(k) create investment shares or new classes of investment
shares,
(l) change the designation of all or any of the cooperative's
investment shares and add, change or remove any rights,
privileges, restrictions and conditions, including rights to
accrued dividends, in respect of all or any of its investment
shares, whether issued or unissued,
(m) change the investment share s of any class or series, whether
issued or unissued, into a different number of investment
shares of the same class or series or into the same or a
different number of investment shares of other classes or
series,
(n) divide a class of investm ent shares, whether issued or
unissued, into series and fix the number of investment
shares in each series and the rights, privileges, restrictions
and conditions of them,
(o) authorize the directors to divide any class of unissued
investment shares into series and fix the number of
investment shares in each series and the rights, privileges,
restrictions and conditions of them,
(p) authorize the directors to change the rights, privileges,
restrictions and conditions attached to unissued investment
shares of any series,
(q) revoke, diminish or enlarge any authority conferred under
clause (o) or (p),
(r) increase or decr ease the number of directors or the
minimum or maximum number of directors, subject to
section 50 and section 108(5),
(s) add, change or remove restrictions on the issue, transfer or
ownership of investment shares, or
(t) add, change or remove any other provision that is permitte d
by this Act to be set out in the articles.
(2) The directors may, if authorized by the special resolution
effecting an amendment under this section, revoke the resolution
before it is acted on without further approval of the members or
investment shareholders.
(3), (4) Repealed 2022 c16 s3(47).
2001 cC-28.1 s264;2022 c16 s3(47)