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S.M. 1987-88, c. 53

An Act to amend An Act to incorporate Southwood Golf and Country Club

(Assented to July 17, 1987)

WHEREAS Southwood Golf and Country Club has by its petition, prayed that it be enacted as hereinafter set forth, and it is expedient to grant the prayer of the petition;

THEREFORE, Her Majesty, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:

Sec. 3 rep. and sub.

1

Section 3 of An Act to incorporate Southwood Golf and Country Club being chapter 95 of the Statutes of Manitoba, 1956 is repealed and the following section is substituted therefor:

Share capital.

3(1)

The share capital of the club shall be 4, 000 shares without nominal or par value made up of the following classes:

(a) the existing shares of the club without nominal or par value, both issued and unissued and numbering 1, 000, reclassified as Class "A" shares and remaining in every respect identical to the 1, 000 shares of the club immediately preceding this reclassification;

(b) 1, 000 Class "B" shares, 1, 000 Class "C" shares and 1, 000 Class "D" shares with the shares of each of these classes ranking pari passu with the Class "A" shares.

Redeemable and retractable shares.

3(2)

Class "B" shares, Class "C" shares and Class "D" shares shall be redeemable by the club and retractable by the holder of those shares if the holder ceases to be a member in good standing of the club in accordance with subsections (3) to (8).

Notice of redemption.

3(3)

The club may, upon giving notice as hereinafter provided, redeem any Class "B", Class "C" or Class "D" share or shares on payment for each share to be redeemed of a sum equivalent to the whole of the stated capital account maintained in respect of each of those classes of shares divided by the number of Class "B", Class "C" or Class "D" shares then issued; and the notice of redemption shall be mailed at least 15 days before the date specified for redemption to the registered holder thereof, but the accidental failure or omission to give the notice to any holder shall not affect the validity of the redemption.

Contents of notice.

3(4)

The notice shall set out the redemption price, the date on which redemption is to take place and the class of share being redeemed; and on the date specified for redemption, the club shall pay to or to the order of the registered holder of the Class "B", Class "C" or Class " D" share, as the case may be, the redemption price thereof on presentation and surrender at the head office of the club or at any other place specified in the notice of the certificate representing the class of share so called for redemption.

Right of redemption by holder.

3(5)

The club shall, at the request of any holder of a Class "B", Class "C" or Class "D" share and upon receiving notice as hereinafter provided redeem any of those shares on payment to the holder thereof subject to the provisions of subsection 34(2) of The Corporations Act as now enacted or as the same may from time to time be amended, re-enacted or replaced (and in the case of such amendment, re-enactment or replacement, any references herein shall be read as referring to the amended, re-enacted or replaced provisions) the redemption price for those shares as set out in subsection (3).

Notice of exercising right of redemption by holder.

3(6)

The right of redemption granted to the holder of any Class "B", Class "C" or Class "D" share may be exercised by the holder by giving a notice in writing to the club at its registered office accompanied by the certificate representing the class of share being redeemed.

Contents of notice.

3(7)

The notice under subsection (6) shall be signed by the person registered on the records of the club as the holder of the class of share being redeemed, or by the duly authorized attorney of the holder and shall specify the class or classes of share or shares sought to be redeemed.

Payment of redemption price.

3(8)

Not later than 60 days after the receipt of the notice referred to in subsections (6) and (7) the club shall pay or cause to be paid, to the order of the registered holder of the class or classes of shares being redeemed, the redemption price thereof.

Selling price of shares.

3(9)

The club may sell the Class "A", Class "B", Class "C" and Class "D" shares at such price and on such terms as may be fixed from time to time by resolution of the board of governors.

Commencement of Act.

2

This Act comes into force on the day it receives the royal assent.