Canada Cooperatives Act (S.C. 1998, c. 1)

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.

Marginal note:Registration

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.

Marginal note:Trustee

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.