Marginal note:Continuance under this Act
379. (1) Subject to paragraphs 7(3)(b) and (c), on the coming into force of this subsection,
(a) each former Act cooperative is deemed to be a cooperative incorporated under this Act;
(b) any provision contained in the articles of association and the charter by-laws of a former Act cooperative that is required to be contained in the articles of incorporation of a cooperative under this Act is deemed to be contained in the articles of that cooperative; and
(c) any share that has been issued by the cooperative that is not a membership share is deemed to be an investment share.
Marginal note:Amendment to articles
(2) Each former Act cooperative must, not later than five years after the coming into force of this subsection, amend its articles so that they comply with section 11 and file them with the Director.
Marginal note:Failure to comply
(3) If a cooperative referred to in subsection (1) does not comply with subsection (2), the Director may, after giving not less than one hundred and eighty days notice after the end of the five years to the cooperative, dissolve the cooperative.
Marginal note:No member or shareholder rights
(4) Any amendment to the articles of a cooperative to comply with subsection (2) does not give rise to any rights by a member or shareholder under section 302.
CONSEQUENTIAL AMENDMENTS, REPEAL AND COMING INTO FORCE
380. to 384. [Amendments]
Coming into Force
Marginal note:Coming into force
Return to footnote *[Note: Act in force December 31, 1999, see SI/99-69.]
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