Marginal note:Securities register
186. (1) A cooperative that issues securities must maintain a securities register in which it records the securities issued by it in registered form, showing with respect to each class or series
(a) the names, in alphabetical order, and the latest known address of each person who holds or previously held the security;
(b) the number of securities held by each security holder; and
(c) the date and particulars of the issue and transfer of each security.
Marginal note:Location of register
(2) The securities register must be maintained at the cooperative’s registered office or at any other place in Canada designated by the directors.
Marginal note:Branch registers
(3) A cooperative may maintain additional branch securities registers in other places designated by the directors.
Marginal note:Contents of branch register
(4) A branch securities register only contains particulars of securities issued or transferred at the branch. The same information is also recorded in the central registry.
Marginal note:Destruction of certificates
(5) A cooperative, its agent or mandatary or a trustee as defined in section 266 is not required to produce
(a) a cancelled security certificate in registered form, an instrument referred to in any of subsections 142(1) to (3) that is cancelled or a like cancelled instrument in registered form six years after the date of its cancellation;
(b) a cancelled security certificate in bearer form or an instrument referred to in any of subsections 142(1) to (3) that is cancelled or a like cancelled instrument in bearer form after the date of its cancellation; or
(c) an instrument referred to in any of subsections 142(1) to (3) or a like instrument, irrespective of its form, after the date of its expiration.
Marginal note:Agent or mandatary
187. A cooperative may appoint an agent or mandatary to maintain securities registers on its behalf.
- 1998, c. 1, s. 187;
- 2011, c. 21, s. 91(E).
188. The registration of the issue or transfer of an investment share in a securities register maintained by the cooperative is complete and valid registration for all purposes.
189. Subject to sections 51, 53 and 61, a cooperative or a trustee as defined in section 266 may treat the person whose name appears on the securities register as the owner of a security as its owner for all purposes.
Marginal note:Proof of ownership
190. If a cooperative restricts the right to transfer its investment shares, the cooperative may, despite section 189, treat a person as the registered holder of a security if the person provides the cooperative with evidence that reasonably meets the requirements of the cooperative that the person is
(a) the heir of a deceased security holder, or the fiduciary of the estate or succession of a deceased security holder, or of a registered security holder who is a minor, an incompetent or incapable person or a missing person; or
(b) a liquidator of, or a trustee in bankruptcy for, a registered security holder.
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