143. At the general meeting, the members of the cooperative, after considering the recommendations of the board of directors and in accordance with the income statement for the preceding fiscal year, shall allocate the amount of the operating surplus or surplus earnings, once the interest allocated to preferred shares and participating preferred shares has been deducted including interest allocated as participation in the operating surplus or surplus earnings,
(1) to the reserve;
(2) to the allotment of rebates to persons or partnerships who were members of the cooperative during the fiscal year;
(3) to the allotment of rebates to persons or partnerships who were auxiliary members of the cooperative during the fiscal year, in accordance with the by-laws;
(4) (subparagraph repealed).
The rebates are allotted to the members and to the auxiliary members, if any, in proportion to the business done by each of them, during that fiscal year, with the cooperative.
However, where a cooperative allots any rebates from the operating surplus or surplus earnings derived from a business corporation or a partnership in which it holds shares or other securities, the general meeting shall determine the volume of business done by the members and auxiliary members, if any, with the business corporation or partnership during that fiscal year, which shall be taken into account by the cooperative for the allotment of such rebates.
1982, c. 26, s. 143; 1984, c. 28, s. 5; 1995, c. 67, s. 87; 2001, c. 36, s. 36; 2009, c. 52, s. 558.