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.


BILL 98 -- 1999

COOPERATIVE ASSOCIATION ACT

... continued ...

 
Part 14 -- Dissolution, Winding up, Restoration

Application of the Company Act

194 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.

Cancellation of incorporation

195 (1) The Lieutenant Governor in Council by order may cancel the incorporation of an association and declare it to be dissolved.

(2) Each order made under subsection (1) must be published in the Gazette.

Dissolution and winding up

196 (1) An association without issued investment shares may provide in its memorandum that, on the dissolution or winding up of the association, its property, after satisfaction of its liabilities, costs, charges and expenses properly incurred in the dissolution or winding up, must be transferred to or distributed among one or more other organizations that are

(a) associations having a similar purpose to the association being dissolved or wound up, or

(b) charitable organizations registered under the Income Tax Act (Canada).

(2) An association may provide in its memorandum that a provision described in subsection (1) is unalterable and, if it so provides, the association must not alter its memorandum to amend or repeal that provision or the provision described in subsection (1).

(3) Neither this section nor a provision in the association's memorandum permitted by subsection (1) or (2) prohibits the association

(a) from doing anything permitted under section 9 or 66,

(b) subject to its rules, from repaying to a member amounts paid by the member for the member's membership shares, or

(c) from paying money it owes to a member.

(4) An association that has included in its memorandum a provision described in subsection (2) must not issue any investment shares.

Application for voluntary dissolution

197 (1) An association may apply to the registrar in the prescribed form to be dissolved if the association

(a) is authorized to do so by a special resolution,

(b) has no assets, and

(c) has no liabilities or has made provision for the payment of each of the association's unpaid liabilities and has obtained the written consent to that provision for payment, from each creditor

(i) whose identity is known to the association, and

(ii) who has an unpaid claim against the association that exceeds the prescribed amount.

(2) An association's application under subsection (1) must be accompanied by the association's certificate of incorporation and by an affidavit of one of the directors of the association evidencing to the satisfaction of the registrar that the association has complied with subsection (1).

(3) If the registrar grants an association's application under this section for dissolution, the association is dissolved on the date set by the registrar.


[ . . . BILL CONTENTS | . . . PREVIOUS PART | NEXT PART . . .]


[ Return to: Legislative Assembly Home Page ]

Copyright © 1999: Queen's Printer, Victoria, British Columbia, Canada