Part 14 — Winding-up, Liquidation and Dissolution of Cooperatives Division 1 Receivers and Receiver-Managers
324 Right to distribution in money
Court for an order requiring the distribution of the property of the
cooperative to be in money if, in the course of the liquidation of the
cooperative, the members and investment shareholders resolve or
the liquidator proposes to
(a) exchange all or substan tially all the property of the
cooperative for securities of another corporation that are to
be distributed to the members and investment shareholders,
if any, or
(b) distribute all or part of the property of the cooperative to the
members and investment shareholders, if any, in kind.
(2) On an application under subsection (1), the Court, subject to
the articles and Part 18, may order that
(a) all the property of the cooperative be converted into and
distributed in money, or
(b) the claims of a member or investment shareholder applying
under subsection (1) be satisfied by a distribution in money,
in which case the Court
(i) may determine whether any other member or investment
shareholder is opposed to the proposal and, if so, join
that member or investment shareholder as a party,
(ii) may appoint one or more appraisers to assist the Court in
fixing the fair value of the shares,
(iii) must fix the fair value of the shares of the applicant and
the other members or investment shareholders joined as
parties as of a date determined by the Court,
(iv) must give judgment in the amount of the fair value
against the cooperative and in favour of each of the
members or investment shareholders who are parties to
the application, and
(v) fix the time within which the liquidator must pay that
amount to a member or investment shareholder after
delivery of shares to the liquidator, if the share
certificate has not been delivered to the Court or to the
liquidator at the time the order is pronounced.
2001 cC-28.1 ss324,325;2022 c16 s3(60)
325 Repealed 2022 c16 s3(61).