Canada Cooperatives Act

Version of section 278 from 2003-01-01 to 2011-11-28:


Marginal note:Functions of receiver

  •  (1) Subject to the rights of secured creditors, a receiver of any property of a cooperative may

    • (a) receive the income from the property and pay the liabilities connected with it; and

    • (b) realize the security interest of those on whose behalf the receiver is appointed.

  • Marginal note:If receiver not manager

    (2) Despite subsection (1) but subject to any order that the court may make under section 282, a receiver who is not appointed manager of the cooperative may not carry on the business of the cooperative.

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