Part 14 — Winding-up, Liquidation and Dissolution of Cooperatives Division 1 Receivers and Receiver-Managers
306 Dissolution of cooperatives
be dissolved
(a) by a special resolutio n of the members, and
(b) if the cooperative has issued investment shares, by a
separate special resolution of the investment shareholders of
each class, whether or not they are otherwise entitled to
vote.
(2) A cooperative that has property or liabilities, or both, may be
dissolved
(a) by a special resolutio n of the members, and
(b) if the cooperative has issued investment shares, by a
separate special resolution of the investment shareholders of
each class, whether or not they are otherwise entitled to
vote,
if the special resolutions also
(c) authorize the directors to c ause the cooperative to distribute
property and discharge liabilities, and
(d) the cooperative distributes property and discharges its
liabilities before it sends articles of dissolution to the
Registrar under subsection (3).
(3) After complying with subsection (1) or (2), the cooperative
must send to the Registrar articles of dissolution in the form that
the Registrar sets.
(4) On receipt of articles of dissolution, the Registrar must issue a
certificate of dissolution.
(5) The cooperative ceases to exist on the date shown in the
certificate of dissolution.
2001 cC-28.1 s306;2022 c16 s3(91)