Part 5 — Capital Structure Division 1 Membership Capital
111 Pre-emptive right
may be issued unless the investment shares are first offered to the
investment shareholders of that class in proportion to their holdings
of the investment shares of that class, at the price at which and on
the terms on which those investment shares are to be offered to
others.
(2) No pre-emptive right under subsection (1) will entitle an
investment shareholder to acquire investment shares
(a) in exchange for a thing or service other than money,
(b) as an investment share dividend or as payment of a
patronage return, or
(c) pursuant to the exercise of conversion privileges, options or
rights previously granted by the cooperative.