Marginal note:Limitation on by-law
41. No by-law governing the withdrawal of a member from membership or the termination of the membership of a member may authorize a redemption of membership shares or member loans in contravention of section 149.
Termination of Membership by Members
Marginal note:Termination by members
42. Unless the by-laws provide otherwise, the membership of a member may be terminated by a special resolution of the members. Section 40 applies, with any modifications that the circumstances require, to a termination by the members.
Marginal note:Termination of inactive membership
43. (1) A cooperative may, by written notice to a member, terminate the membership if the member
(a) is a body corporate and winding-up proceedings have commenced with respect to it; or
(b) failed, during a period of two consecutive years, to transact any business with the cooperative.
Marginal note:Provisions not to apply
(2) Section 40, other than subsections 40(7) to (10), does not apply to a termination under this section.
Marginal note:Non-profit housing cooperatives
44. If the membership of a person in a non-profit housing cooperative is terminated, any right of the person to possession or occupancy of residential premises acquired by virtue of membership in the cooperative is subject to Part 20.
45. A person whose membership has been terminated under section 40 or 42 may be re-admitted to membership only by special resolution of the members.
46. No transfer of a membership, a member loan or a membership share in a cooperative is valid for any purpose unless it is approved by the directors and the transferee has otherwise complied with the articles and by-laws of the cooperative and, if applicable, become a party to a unanimous agreement.
Marginal note:If membership too low
47. If the membership of a cooperative is reduced to a number less than the number of members required for incorporation, and if after thirty days notice remains at less than that number, the Director may require the cooperative
(a) to apply for a certificate of continuance under the Canada Business Corporations Act, if it was incorporated with membership capital; or
(b) to be liquidated or dissolved under Part 17.
PART 6CORPORATE GOVERNANCE
Marginal note:Place of members’ meetings
48. (1) Meetings of the members of a cooperative are to be held at the place in Canada provided for in the by-laws or, in the absence of such a provision, at any place in Canada that the directors may determine.
Marginal note:Place of shareholders’ meetings
(2) Meetings of the shareholders must be held at the place set out in the articles. If the articles do not set out such a place, the meetings are to be held at the place in Canada that the directors determine, unless all the shareholders entitled to vote at the meeting agree that the meeting is to be held at another place that is not in Canada.
Marginal note:Participation in meeting by electronic means
(3) Unless the by-laws provide otherwise, a member or shareholder may participate in a meeting of the cooperative, in accordance with the regulations, if any, by means of a telephonic, electronic or other communication facility that permits all participants to communicate adequately with each other during the meeting, if the cooperative makes available such a communication facility.
Marginal note:Meeting held by electronic means
(3.1) If the directors of a cooperative, or any other person, call a meeting of the cooperative pursuant to this Act, those directors or that person, as the case may be, may determine that the meeting shall be held, in accordance with the regulations, if any, entirely by means of a telephonic, electronic or other communication facility that permits all participants to communicate adequately with each other during the meeting, if the by-laws so provide.
(4) A person participating in a meeting referred to in subsection (3) is deemed to be present at the meeting.
- 1998, c. 1, s. 48;
- 2001, c. 14, s. 149.
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