Part 4 — Directors and Officers of Cooperatives Division 1 Number, Qualifications and Functions of Directors
96 Division 10 Unanimous Agreements Restricting powers of directors
unanimous agreement
(a) restricts, in whole or in pa rt, the discretion or powers of the
directors to manage, or supervise the management of, the
business and affairs of the cooperative, or
(b) vests in the members, in whole or in part, the power to
manage, or supervise the management of, the business and
affairs of the cooperative,
that provision is valid as long as the cooperative has at least 3
directors or any greater minimum number that is set out in the
articles.
(2) Subject to this section but notwithstanding section 164(2), any
purchaser or transferee of a share that is subject to a unanimous
agreement is deemed to be a party to the unanimous agreement.
(3) If notice of the existence of a unanimous agreement is not
given to the purchaser or transferee, the purchaser or transferee
may, no later than 30 days after becoming aware of its existence,
rescind the transaction by which the shares were acquired.
(4) Repealed 2022 c16 s3(27).
2001 cC-28.1 s96;2022 c16 s3(27)