49.1. The board of directors may, if so authorized by a by-law, issue participating preferred shares to any person or partnership who is not a member or auxiliary member of the cooperative.
The by-law may provide for more than one class of participating preferred shares and must determine the amount of, the preferences, rights and restrictions attaching to, and the conditions governing the redemption, repayment or transfer of, each class of participating preferred shares.
Each class may be divided into series. The interest rate may be different for each series.
1995, c. 67, s. 29; 2003, c. 18, s. 26.