Part 5 — Capital Structure Division 1 Membership Capital
141 When no disclosure required
and investment shareholders financial assistance that it gives
(a) to any person in the ordinary course of business if the
lending of money is part of the ordinary business of the
cooperative,
(b) to any person on account of expenditures incurred or to be
incurred on behalf of the cooperative,
(c) to a holding corporation if the cooperative is a wholly
owned subsidiary of the holding corporation,
(d) to a subsidiary corporation of the cooperative,
(e) to employees of the cooper ative or any of its affiliates
(i) to enable them to purchase or erect or to assist them in
purchasing or erecting living accommodation for their
own occupation, or
(ii) in accordance with a plan for the purchase of investment
shares of the cooperative or any of its affiliates to be
held by a trustee,
o r
(f) to any person if all th e members and investment
shareholders have consented to giving the financial
assistance.
(2) A contract made by a cooperative in contravention of this
section may be enforced by the cooperative or by a lender for value
in good faith without notice of the contravention.