Part 5 — Capital Structure Division 1 Membership Capital
124 Options and rights
evidence of conversion privileges, options or rights to acquire
securities or membership shares of the cooperative.
(2) A conversion privilege, option or right to acquire membership
shares may only be granted to members and is non-transferable.
(3) Subject to subsection (2), conversion privileges, options or
rights to acquire securities of a cooperative may be made
transferable or non-transferable, and options and rights to acquire
securities of a cooperative may be made separable or inseparable
from any securities to which they are attached.
(4) The terms and conditions of any conversion privilege, option
or right must be set out in
(a) a certificate, a warra nt or other evidence, or
(b) the certificates evidencing the securities to which the
conversion privileges, options or rights are attached.