BILL NO. 190

(as passed, with amendments)

2nd Session, 60th General Assembly
Nova Scotia
57 Elizabeth II, 2008

Government Bill

Co-operative Associations Act


The Honourable Jamie Muir
Minister of Service Nova Scotia and Municipal Relations

First Reading: October 30, 2008 (LINK TO BILL AS INTRODUCED)

Second Reading: November 7, 2008

Third Reading: November 18, 2008 (WITH COMMITTEE AMENDMENTS)

Royal Assent: November 25, 2008

An Act to Amend Chapter 98
of the Revised Statutes, 1989,
the Co-operative Associations Act

Be it enacted by the Governor and Assembly as follows:

1 (1) Subsection 20(1) of Chapter 98 of the Revised Statutes, 1989, the Co-operative Associations Act, is repealed and the following subsections substituted:

(2) Subsection 20(2) of Chapter 98 is amended by striking out "except out of earnings of the association which would otherwise be available for dividends" in the second, third and fourth lines and substituting "if there are reasonable grounds to believe that

(a) the association is, or would be after the payment, unable to pay its liabilities as they become due; or

(b) the realizable value of the association's assets after the payment would be less than the total of the par value of all its issued shares and liabilities.

(3) Subsection 20(4) of Chapter 98 is amended by adding "and in accordance with any price or formula set out in its articles, by-laws or provisions attached to the said shares or, if none so provides, at fair market value" immediately after "shares" in the last line.

2 This Act comes into force on such day as the Governor in Council orders and declares by proclamation.

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