Part 14 — Winding-up, Liquidation and Dissolution of Cooperatives Division 1 Receivers and Receiver-Managers
323 Costs of liquidator
property of the cooperative and must pay or make adequate
provision for all claims against it.
(2) No later than one year after appointment, and after paying or
making adequate provision for all claims against the cooperative,
the liquidator must apply to the Court for
(a) approval of the final accounts of the liquidator and, subj ect
to the articles and Part 18, an order permitting a distribution
in money or in kind of the remaining property of the
cooperative to the members and investment shareholders, if
any, according to their respective rights, or
(b) an extension of time, se tting out the reasons for the
extension.
(3) If a liquidator fails to make the application required by
subsection (2), a member or investment shareholder may apply to
the Court for an order for the liquidator to show cause why a final
accounting and distribution should not be made.
(4) A liquidator must give notice of the intention to make the
application referred to in subsection (2) to the Registrar, to each
inspector appointed under section 317, to each member or
investment shareholder and to any person who provided a security
or fidelity bond for the liquidation, and must publish the notice in a
newspaper published or distributed in the place where the
cooperative has its registered office in any manner set out in the
bylaws or as otherwise directed by the Court.
(5) If the Court approves the final accounts of the liquidator, the
Court must make an order
(a) directing the Registrar to i ssue a certificate of dissolution,
(b) directing the custody or disposal of the documents of the
cooperative, and
(c) discharging the liquidator, subject to the liquidator send ing
to the Registrar, without delay, a certified copy of the order
directing the issue of a certificate of dissolution.
(6) On receipt of the certified copy of the Court order, the
Registrar must issue a certificate of dissolution.
(7) The cooperative ceases to exist on the date shown in the
certificate of dissolution.
2001 cC-28.1 s323;2022 c16 s3(91)