S-38 - Cooperative Syndicates Act

Section 45 Disposition versions

1977-12-31

45. (1)  All monies received by the association shall be placed to the credit of two funds to be known as “The General Fund” and “The Reimbursement Fund” ; one-half of such total receipts shall be placed to the credit of each of such funds.

(2)  The Reimbursement Fund shall apply only to members who have withdrawn or been dismissed and shall be utilized in the manner provided for by section 46.

However, when there are no withdrawals or dismissals giving rise to reimbursement, all monies received by the association shall be deposited to the credit of The General Fund.

(3)  The General Fund shall be used for the carrying on of the ordinary affairs of the association and not for the payment of monies owing to members who have withdrawn or been dismissed.

(4)  This section shall apply only to syndicates incorporated under this act which have become affiliated with a federation, in accordance with section 49 of this act, and shall only affect such syndicates upon the passing of a regulation to that effect by a federation with which such syndicates have become affiliated and upon the acceptance of such regulation by such syndicates in the manner provided for by this act.

(5)  The provisions of this section shall not affect those of section 10 as to the minimum figure of the capital, and of section 39 as to the reserve fund.

(6)  This section shall not apply to agricultural cooperative syndicates.

R. S. 1964, c. 294, s. 45.