Marginal note:Application to determine value
337.9 The plaintiff may, by application made at any time before or during the course of the proceedings, request the court to determine the value of the plaintiff’s financial interest for the purpose of subsection 337.5(1).
- 2001, c. 14, s. 218.
PART 19REMEDIES, OFFENCES AND PUNISHMENT
338. The definitions in this section apply in this Part.
« action »
“action” means an action taken under this Act.
« plaignant »
(a) a member or former member;
(b) a registered holder or beneficial owner, or a former registered holder or beneficial owner, of a security of a cooperative or any of its affiliates;
(c) a director or an officer, or a former director or officer, of a cooperative or any of its affiliates; or
(d) [Repealed, 2001, c. 14, s. 219]
(e) any other person who, in the opinion of the court, is a proper person to make an application under this Part.
- 1998, c. 1, s. 338;
- 2001, c. 14, s. 219.
Marginal note:Commencement of derivative action
339. (1) Subject to subsection (2), a complainant may apply to the court for leave to bring an action in the name and on behalf of a cooperative or any of its subsidiaries, or to intervene in an action to which the cooperative or any of its subsidiaries is a party, for the purpose of prosecuting, defending or discontinuing the action on behalf of the cooperative or subsidiary.
Marginal note:Condition precedent
(2) No person may bring an action and no person may intervene in an action brought under subsection (1) unless the court is satisfied that
(a) if the directors of the cooperative or its subsidiary do not bring, diligently prosecute, defend or discontinue the action, the complainant has given notice to the directors of the cooperative or its subsidiary of the complainant’s intention to apply to the court under subsection (1) not less than fourteen days before bringing the application, or as otherwise ordered by the court;
(b) the complainant is acting in good faith; and
(c) it appears to be in the interests of the cooperative or its subsidiary to bring, prosecute, defend or discontinue the action.
Marginal note:Powers of court
(3) In an action brought or intervened in under this section, the court may make any order it considers appropriate, including an order
(a) authorizing the complainant or any other person to control the conduct of the action;
(b) giving directions for the conduct of the action;
(c) directing that an amount adjudged payable by a defendant in the action be paid, in whole or in part, directly to a former or present member or to a former or present security holder of the cooperative or its subsidiary instead of to the cooperative or its subsidiary; or
(d) requiring the cooperative or its subsidiary to pay reasonable costs incurred by the complainant in connection with the action.
- 1998, c. 1, s. 339;
- 2001, c. 14, s. 220.
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