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S.M. 2000, c. 14
THE COOPERATIVES AMENDMENT ACT
(Assented to August 18, 2000)
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
Subsection 90(1) is repealed and the following is substituted:
The Registrar may order that trading cease in a cooperative's shares or other securities if
(a) an offering statement in respect of them is required to be sent to the Registrar under subsection 89(1); and
(b) the Registrar thinks that any of the circumstances described in clauses 89(5)(a) to (e) exist in respect of them or their issue or sale.
Without delay after making a cease trading order, the Registrar shall give notice of it to
(a) the cooperative; and
Subsection 194(1) is amended
(a) in the part before clause (a), by striking out "(8)" and substituting "(6)";
(b) in clause (a) of the English version, by striking out "filing" and substituting "filling"; and
Section 225 of the English version is amended
(a) in subsection (2), by striking out "by less" and substituting "be less"; and
Subsection 244(3) is repealed and the following is substituted:
Within seven days after a resolution is passed under subsection (1), the cooperative shall in writing notify the person whose membership was terminated,
(a) by pre-paid ordinary mail addressed to the person at his or her latest address shown in the cooperative's records; or
Subsection 262(1) is repealed and the following is substituted:
Subject to subsection (5), an auditor is disqualified from being an auditor of a cooperative if he or she is not independent of the cooperative and all of its subsidiaries, and the directors and officers of the cooperative and its subsidiaries.
Clause 262(2)(b) is amended by repealing the part before subclause (i) and substituting the following:
Subsection 269(7) is repealed and the following is substituted:
No person shall accept an appointment or consent to be appointed as auditor of a cooperative if the person is replacing a former auditor who has resigned or has been removed from office or whose term of office has expired or is about to expire, unless and until the person has requested and received from that former auditor a written statement of the circumstances and the reasons why, in the opinion of that the former auditor, he or she is being replaced.
Subsection 269(8) is amended
(a) by striking out "an individual or firm of accountants" and substituting "a person"; and
Subsection 306(7) is amended
(a) by striking out "Section 305" and substituting "Sections 305, 308 and 309"; and
Subsection 387(2) of the English version is amended
(a) by adding "or" after "verified by affidavit, affirmation";
(b) by adding "a person before" after "before"; and
(c) by striking out "an statutory declarations" and substituting "or statutory declarations".
This Act comes into force on the day it receives royal assent.