BILL NO. 190
2nd Session, 60th General Assembly
57 Elizabeth II, 2008
Co-operative Associations Act
The Honourable Jamie Muir
Minister of Service Nova Scotia and Municipal Relations
First Reading: October 30, 2008
Second Reading: November 7, 2008
Third Reading: November 18, 2008 (WITH COMMITTEE AMENDMENTS) (LINK TO BILL AS PASSED)
This Bill permits a co-operative association to issue preference shares.
An Act to Amend Chapter 98
Be it enacted by the Governor and Assembly as follows:
of the Revised Statutes, 1989,
the Co-operative Associations Act
1 Subsection 20(1) of Chapter 98 of the Revised Statutes, 1989, the Co-operative Associations Act, is repealed and the following subsections substituted:
(1) An association may issue one or more classes of preference shares.
2 This Act comes into force on such day as the Governor in Council orders and declares by proclamation.
(1A) The classes of preference shares referred to in subsection (1) are subject to the terms and conditions provided for in the by-laws of the association.
(1B) The holder of preference shares may dissent if the association
(a) amends its by-laws to add, change or remove the rights, privileges, restrictions or conditions attached to preference shares;
(b) amends its articles of incorporation or by-laws to add, change or remove any restrictions on the business or businesses that the association carries on;
(c) amalgamates with another association;
(d) continues under the laws of another jurisdiction; or
(e) sells, leases or exchanges all or substantially all of its property other than in the ordinary course of business.
(1C) The Third Schedule of the Companies Act applies mutatis mutandis to dissent procedures for associations and preference shareholders.
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