R-8.1.1 - Cooperative Investment Plan Act

Section 56.1 Disposition versions

2010-10-27

56.1. Despite section 56, if, after 6 June 2002, a cooperative redeems a security issued under the rules set out in the cooperative investment plan adopted under the Act respecting the Ministère du Développement économique, de l’Innovation et de l’Exportation (chapter M-30.01), the obligation to increase the reserve provided for in section 8 of that plan is not required in respect of the redemption if

(1)  the redemption is made as part of a block redemption of all of the outstanding qualifying securities that the cooperative has issued;

(2)  the assets of the cooperative shown in its financial statements at the end of its last fiscal period preceding the redemption is at least 75% less than the assets shown in its financial statements for a fiscal period that ended in the 24-month period preceding the beginning of the last fiscal period; and

(3)  the Minister exempts the cooperative from it.

In the case of a redemption referred to in the first paragraph, section 9 of the cooperative investment plan does not apply.

2010, c. 25, s. 245.