Canada Cooperatives Act

Marginal note:Application to court

• 315 (1) An application to a court under subsection 313(1) must state the reasons, verified by an affidavit of the applicant, why the cooperative should be liquidated and dissolved.

• Marginal note:Show cause order

  (2) On an application under subsection 313(1), the court may make an order requiring the cooperative and any person who has an interest in it or claim against it to show cause, at a specified time and place, not less than four weeks after the date of the order, why the cooperative should not be liquidated and dissolved.

• Marginal note:Powers of court

  (3) On an application under subsection 313(1), the court may order the directors and officers of the cooperative to provide the court with all material information known to or reasonably ascertainable by them, including

  • (a) financial statements of the cooperative;

  • (b) the name and address of each member and shareholder; and

  • (c) the name and address of each known creditor or claimant, including any creditor or claimant with unliquidated, future or contingent claims, and any person with whom the cooperative has a contract.

• Marginal note:Publication

  (4) A copy of an order made under subsection (2) must be

  • (a) published as directed in the order, at least once in each week before the time appointed for the hearing, in a publication generally available to the public; and

  • (b) served on the Director and each person named in the order.

• Marginal note:Person responsible

  (5) Publication and service of an order under this section must be effected by the cooperative or by any other person and in any manner that the court may order.