Part 4 — Directors and Officers of Cooperatives Division 1 Number, Qualifications and Functions of Directors
89 Appointment of managing director or committee
necessary, which may exercise any powers that are delegated to it
by the directors, subject to any restrictions imposed by the
directors.
(2) The directors may appoint a managing director.
(3) The directors may delegate to a managing director or to a
committee referred to in subsection (1) any powers of the directors
except the power to
(a) fill a vacancy among the di rectors or in the office of the
auditor, or appoint additional directors,
(b) declare dividends on shares, interest on member loans or
patronage returns,
(c) approve a financial sta tement of the cooperative,
(d) submit to the persons who are entitled to vote on them
questions or matters required to be approved at a meeting of
the cooperative,
(e) make decisions that by this Act, the articles or a unanimous
agreement are required to be made by a special resolution,
(f) redeem shares or otherwise acquire investment shares issue d
by the cooperative,
(g) pay a commission referred to in section 112,
(h) approve a management proxy circular referred to in Part 6,
or
(i) issue securities, except in the manner and on the terms
authorized by the directors.
(4) A director who is appointed to a committee may remain on the
committee until the appointment is revoked or the person ceases to
be a director.
2001 cC-28.1 s89;2022 c16 s3(24)