Part 5 — Capital Structure Division 1 Membership Capital
108 Division 3 Investment Shares Investment shares
cooperative may issue investment shares, and if they do, the
articles must set out the following:
(a) whether the investment shares may be issued to
non-members,
(b) whether the number of investment shares is to be unlimited
and, if not, the maximum number of investment shares that
may be issued,
(c) the number of classes of investment shares, and
(d) the preferences, rights, c onditions, restrictions, limitations
and prohibitions attaching to investment shares and, if there
is to be more than one class, the designation of each class
and the special preferences, rights, conditions, restrictions,
limitations and prohibitions attaching to each class.
(2) A person is an investment shareholder of a cooperative when,
according to the securities register of the cooperative, the person is
the owner of an investment share or is entitled to be entered in the
securities register of the cooperative as the owner of an investment
share.
(3) Subject to the articles and to this Act, no right to vote at a
meeting of the members attaches to an investment share.
(4) The articles may provide that
(a) an investment shareholder has the right to vote at an elec tion
of directors by reason of an event that has occurred and is
continuing or by reason of a condition that has been
fulfilled, or
(b) the investment shareholders, any class of investment
shareholders or the investment shareholders of a series of
investment shares may elect a fixed number or a percentage
of the directors.
(5) Notwithstanding subsections (3) and (4), neither the articles
nor a unanimous agreement may provide that the investment
shareholders have the right to elect more than 20% of the directors.
(6) If investment shareholders are entitled to vote in accordance
with subsection (4) or otherwise in accordance with this Act, each
investment share entitles the investment shareholder to one vote.
(7) Notwithstanding section 34, a member who holds an
investment share may exercise any voting right that an investment
shareholder has.