Part 12 — Fundamental Changes
276 Extraordinary disposition
property of a cooperative, other than in the ordinary course of
business, requires the approval of the members and investment
shareholders in accordance with subsections (2) to (8).
(2) A notice of meeting that meets the requirements of the
regulations must be sent to all members and investment
shareholders and must
(a) include a copy or summary of the proposed agreement of
sale, lease or exchange, and
(b) state that a dissenting investment shareholder is entitled to
the benefit of section 277.
(3) Failure to make the statement referred to in subsection (2)(b)
does not invalidate the disposition described in subsection (1).
(4) Each investment share carries the right to vote with respect to a
disposition described in subsection (1), whether or not it otherwise
carries the right to vote.
(5) The holders of investment shares of a class or series are
entitled to vote separately as a class or series if the effect of the
proposed disposition described in subsection (1) on the class or
series is different from its effect on other classes or series of
investment shares.
(6) Subject to subsection (5), a disposition described in subsection
(1) is authorized when approved by a special resolution of the
members and, if the cooperative has issued investment shares, by a
separate special resolution of the investment shareholders of each
class or series.
(7) A special resolution referred to in subsection (6) may authorize
the directors to fix any terms or conditions of a sale, lease or
exchange.
(8) The directors, if authorized by the members and investment
shareholders approving a proposed disposition described in
subsection (1) may, subject to the rights of third parties, abandon
the disposition without further approval.