Canada Cooperatives Act
Marginal note:Membership shares included
335 (1) For the purposes of this section, a security includes a membership share or an interest or right in one.
Marginal note:Information respecting ownership and control
(2) If the Director is satisfied that, for the purposes of Part 9 or 10 or for the purposes of enforcing any regulation made under section 130, there is reason to inquire into the ownership or control of a security of a cooperative or any of its affiliates, the Director may require any person that the Director reasonably believes has or has had an interest or right in the security or acts or has acted on behalf of a person with such an interest or right to report to the Director or to any designated person,
(a) information that the person has or can reasonably be expected to obtain as to present and past interests or rights in the security; and
(b) the names and addresses of the persons who have or have had such an interest or right and of any person who acts or has acted in relation to the security on behalf of such persons.
Marginal note:Deemed interest or right in securities
(3) For the purposes of subsection (2), a person is deemed to hold an interest or right in a security if
(a) in the case of a membership share, the person is or is entitled to be entered in the records of the cooperative as the owner of the membership share; and
(b) in the case of an investment share,
(i) the person has a right to vote or to acquire or dispose of the investment share or an interest or right in it,
(ii) the person’s consent is necessary for the exercise of the rights or privileges of any other person with an interest or right in the investment share, or
(iii) any other person with an interest or right in the investment share can be required or is accustomed to exercise rights or privileges attached to it in accordance with that person’s instructions.
(4) The Director must publish, in a publication generally available to the public, the particulars of information obtained under this section if the particulars
(a) are required by this Act or the regulations to be disclosed; and
(b) have not previously been so disclosed.
- 1998, c. 1, s. 335
- 2011, c. 21, s. 112
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