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Canada (1,708) > Cooperatives (33)

Name: The Cooperatives Act, June 1, 1977.
Country: Canada
Subject(s): Cooperatives
Type of legislation: Law, Act
Adopted on: 1977-06-01
Entry into force:
Published on: Manitoba Gazette, 1977-05-28, No. 22, p. 683 (INFORM)
ISN: CAN-1976-L-13803
Bibliography: Manitoba Gazette, 1977-05-28, No. 22, p. 683 (INFORM)
Abstract/Citation: Under this Act, a cooperative is a body corporate which is organized in accordance with principles hereby enumerated. Sets up the incorporation of cooperatives. Specifies that a cooperative has the capacity, the rights, powers and privileges of a natural person. Provides for shares allotment, allocation of surplus to members and non-members. When a cooperative does not have share capital, it shall issue a certificate of membership to each member of the cooperative who has paid in full his membership fee. Sets forth shares certificates, memberships and transfers of shares. Makes provisions for the establishment of trust indentures, any deed made by a cooperative under which the cooperative issues debt obligations and in which a person is appointed as trustee for the holders of the debt obligations issued thereunder. Appoints directors who exercise the powers of the powers of the cooperative directly or indirectly through the employees and agents of the cooperative. Provides for the annual return of a cooperative. Other provisions cover financial disclosure, fundamental changes, investigation, receivers and dissolution. Offences against this Act are sanctionned.
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