S-24 - Act respecting cooperative agricultural associations

Section 41 Disposition versions

1977-12-31

41. The liquidator shall first pay the debts of the association and the costs of winding-up, and secondly the amounts paid on the shares according to the priorities established by by-law.

After such payments, the balance of the proceeds of the assets shall be distributed among the persons who were members of the association throughout the three fiscal years preceding the date when the winding-up was decided upon.

The distribution shall be made in accordance with the rules adopted for such purpose by the general meeting.

The general meeting may distribute the balance among the members contemplated in the second paragraph, either in proportion to the amount of the business carried out by each of them over a fixed period, or in proportion to the amount of the ordinary shares paid for by each, or a portion of such balance in the first manner and the rest in the second.

The general meeting may allocate the balance, in whole or in part, to any work that it designates.

R. S. 1964, c. 124, s. 36.