Canada Cooperatives Act

Version of section 283 from 2003-01-01 to 2011-11-28:


Marginal note:Required action

 A receiver or receiver-manager must

  • (a) take the property of the cooperative into custody and control in accordance with the court order or instrument pursuant to which the receiver or receiver-manager is appointed;

  • (b) open and maintain a bank account as receiver or receiver-manager of the cooperative for the money of the cooperative coming under their control;

  • (c) keep detailed accounts of all transactions carried out as receiver or receiver-manager;

  • (d) keep accounts of the administration as receiver or receiver-manager and cause them to be made available during usual business hours for inspection by the directors;

  • (e) prepare, at least once in every six month period after the day of appointment, financial statements of the administration, as far as is feasible, in the form required by section 247;

  • (f) on completion of their duties, render a final account of the administration in the form that the receiver or receiver-manager has adopted for preparation of interim accounts under paragraph (e); and

  • (g) if section 252 would otherwise apply, file with the Director a copy of any financial statement mentioned in paragraph (e) and any final account mentioned in paragraph (f) not later than fifteen days after it is prepared or rendered.

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