1998/99 Legislative Session: 3rd Session, 36th Parliament
FIRST READING
The following electronic version is for informational purposes only.
The printed version remains the official version.
Part 9 -- Court Proceedings and Investigations
154 For the purposes of this Part, "member" and "investment shareholder" both include
(a) any person aggrieved who has ceased to be a member or investment shareholder, as the case may be, within the immediately preceding 6 month period, and
(b) any person claiming through a member, investment shareholder or person aggrieved, or claiming under the rules of the association.
155 The provisions of this Part are to be read together with the relevant provisions of the Company Act that, in section 5 of this Act or by a regulation under section 5 (2), are adopted by reference for the purposes of this Act.
Division 1 -- Court Proceedings
156 (1) Despite the rules of an association, but subject to subsection (2), a member or investment shareholder of the association may apply to the court for an order on the ground that
(a) the affairs of the association are being conducted, or the powers of the directors of the association are being exercised, in a manner oppressive to one or more of the members or investment shareholders, including the applicant, or
(b) an act of the association has been done, or is threatened, or a resolution of the members has been passed or is proposed, that is unfairly prejudicial to one or more of the members or investment shareholders, including the applicant.
(2) A member or investment shareholder is not entitled to bring proceedings under this section in respect of any matter that is the same or substantially the same as a dispute in which the member or investment shareholder has an interest, if the dispute
(a) has been decided by arbitration under section 208, or
(b) is the subject of arbitration proceedings under section 208, unless the court otherwise orders on the grounds of undue delay to which the applicant has not contributed.
157 (1) In this section, "complainant" means
(a) in relation to a matter other than compliance with section 8, a member, investment shareholder or other person the court considers a proper person to make an application under this section, and
(b) in relation to compliance with section 8, a member, investment shareholder or association.
(2) The court, on application of a complainant and on being satisfied that there is or will likely be
(a) a contravention by an association or any other person, of this Act or the regulations or of an association's memorandum or rules, or
(b) a failure by an association to fulfill its obligations under this Act, the regulations or the association's memorandum or rules,
may make an interim or final order it considers appropriate and, without limiting the generality of that power, the court may grant an injunction
(c) restraining the association or any other person from continuing or committing the contravention, or
(d) requiring the association to fulfill its obligations.
158 On the application of at least 20% of the members or one or more investment shareholders holding in the aggregate at least 20% of the issued investment shares of any class of investment share, the court may appoint a person as an inspector to investigate the affairs and management of an association and any of its affiliates, and may determine the manner and extent of the investigation.
159 An association may appoint an inspector by special resolution to investigate the affairs and management of the association and any of its affiliates, and to report in the manner and to the persons the resolution directs.
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