4 The short title of this Act is the Co -operative Corporations Amendment Act (Audit Exemptions and Limits to Non-member Business), 2017 — Bill 187 (41st Parliament, 2nd Session)

Bill 187, 41-2

Ontario — Bills

2ND SESSION, 41ST LEGISLATURE, ONTARIO ELIZABETH II, 2017 Bill

An Act to amend the Co-operative Corporations Act with respect to audit exemptions and limits to non-member business Mme N. Des Rosiers Private Member’s Bill 1st Reading December 6, 2017 2nd Reading 3rd Reading Royal Assent Bill

An Act to amend the Co-operative Corporations Act with respect to audit exemptions and limits to non-member business Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows: 1

Section of the Co-operative Corporations Act is repealed and the following substituted: Exemption from audit provisions A co-operative is exempt, in respect of a financial year, from sections and 125, subsections 126 (1) and (2),

section 127, clause 128 (1) (

b) and subsection 128 (3) if, (

a) the co-operative is not required to have filed an offering statement under subsection 34 (1); (

b) no government grant or subsidy that the co -operative receives during the financial year has a condition requiring the co-operative to be audited; and (

c) a special resolution not to appoint an auditor is confirmed at the most recent annual meeting before the beginning of the financial year. 2 Subsection 144 (1) of the Act is repealed and the following substituted: Limit to non-member business

(1) Where the Minister is of the opinion that a co -operative has for a period of three years or longer conducted more of its business with non- members of that co -operative than is specified in its articles or by -laws, or 50 per cent or more of its business with non-members of that co-operative if no limit on business with non -members is specified in its articles or by-laws, the Minister may, after giving the co-operative an opportunity to be heard, (

a) issue a certificate of amendment changing the co -operative into a corporation subject to the provisions of the Business Corporations Act and, where necessary for the purpose, changing the co-operative into a corporation with share capital; or (

b) issue a certificate of amendment changing the co -operative into a corporation subject to the provisions of

Part III of the Corporations Act and, where necessary for the purpose, changing the co-operative into a corporation without share capital. Commencement This Act comes into force on the day it receives Royal Assent.

Short title The

short title of this Act is the Co -operative Corporations Amendment Act (Audit Exemptions and Limits to Non-member Business), 2017. ______________ EXPLANATORY NOTE The Bill amends the Co -operative Corporations Act to provide for exemptions from audit provisions for certain co- operatives. The Bill also amends the Act to provide for limits to non-member business for certain co-operatives.

Document details

Collection	Ontario — Bills
Citation	Bill 187, 41-2
Type	bill
Volume / chapter	p41 s2 bill 187 bill text 41 2 en b187 e.pdf
Language	en
Format	pdf
Source	PROVINCIAL
Identifier	eca1c3e710b0d910bfda65fe9a549be4bc273d73

Source file is stored in the law ingest library (pdf).