Marginal note:Certificate of arrangement
305. (1) On receipt of articles of arrangement, the Director must issue a certificate of arrangement.
Marginal note:Effect of certificate
(2) An arrangement becomes effective on the date shown in the certificate of arrangement.
LIQUIDATION AND DISSOLUTION
Definition of “court”
306. In this Part, “court” means a court having jurisdiction in the place where the cooperative has its registered office.
Marginal note:Application of Part
307. (1) This Part, other than sections 308 and 311, does not apply to a cooperative that is an insolvent person or a bankrupt as those terms are defined in subsection 2(1) of the Bankruptcy and Insolvency Act.
Marginal note:Staying of proceedings
(2) Any proceedings taken under this Part to dissolve or to liquidate and dissolve a cooperative are stayed if the cooperative is at any time found, in a proceeding under the Bankruptcy and Insolvency Act, to be an insolvent person as defined in that Act.
- 1998, c. 1, s. 307;
- 2001, c. 14, s. 209.
308. (1) When a cooperative is dissolved under this Part, any interested person, or any person who would be an interested person if a certificate of revival is issued under this section, may apply to the Director to have the cooperative revived under this Act.
Marginal note:Articles of revival
(2) Articles of revival in the form that the Director fixes must be sent to the Director, together with a declaration of the directors to the same effect as one referred to in paragraph 10(d) and, if applicable, in paragraph 10(e).
Marginal note:Certificate of revival
(3) On receipt of articles of revival, the Director must issue a certificate of revival, unless the Director is of the opinion that issuing the certificate
(a) would result in the cooperative
(i) no longer being organized or operating or carrying on business on a cooperative basis,
(ii) if the cooperative is one to which Part 20 applies, not complying with Part 20, and
(iii) if the cooperative is one to which Part 21 applies, not complying with Part 21; or
(b) would not be advisable for any other valid reason.
Marginal note:Reliance on declarations
(4) For the purpose of subsection (3), the Director may rely on the articles of revival and the declarations referred to in subsection (2).
Marginal note:Date of revival
(5) A cooperative is revived under this Act on the date shown on the certificate of revival.
Marginal note:Rights preserved
(6) In the same manner and to the same extent as if it had not been dissolved, but subject to any reasonable terms that may be imposed by the Director, to the rights acquired by any person after its dissolution and to any changes to the internal affairs of the cooperative after its dissolution, the revived cooperative is
(a) restored to its previous position in law, including the restoration of any rights and privileges whether arising before its dissolution or after its dissolution and before its revival; and
(b) liable for the obligations that it would have had if it had not been dissolved whether they arise before its dissolution or after its dissolution and before its revival.
Marginal note:Legal actions
(7) Any legal action respecting the affairs of a revived cooperative taken between the time of its dissolution and its revival is valid and effective.
Definition of “interested person”
(8) In this section, “interested person” includes
(a) a member, a shareholder, a director, an officer, an employee and a creditor of the dissolved cooperative;
(b) a person who has a contractual relationship with the dissolved cooperative; and
(c) a trustee in bankruptcy for the dissolved cooperative.
- 1998, c. 1, s. 308;
- 2001, c. 14, s. 210.
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