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ontario regulation 414/07

made under the

co-operative corporations act

Made: July 25, 2007
Filed: July 27, 2007
Published on e-Laws: July 31, 2007
Printed in The Ontario Gazette: August 11, 2007

Amending Reg. 178 of R.R.O. 1990

(General)

1. Regulation 178 of the Revised Regulations of Ontario, 1990 is amended by adding the following section:

Redemption of Certain Shares

11. (1) This section prescribes the manner of selecting the shares of a series of preference shares that are to be redeemed in the circumstances described in subsection 31 (1.1) of the Act.

(2) Subject to subsection (3), the shares of a series of preference shares that are to be redeemed shall be selected in one of the following ways:

1. By lot, within the series, in the manner determined by the board of directors.

2. As nearly as may be in proportion to the number of preference shares of the series that are registered in the name of each holder of shares of that series.

3. In such other manner as the board of directors determines with the consent of the holders of preference shares of the series, obtained in the manner set out in subsection 31 (3) of the Act.

4. By date of issuance, within the series, from the earliest date to the latest.

(3) The articles may confine the manner of selection to one or more of the ways described in subsection (2).

2. The Regulation is amended by adding the following section immediately after the heading “Offering Statement and Material Change Statement”:

11.1 For the purposes of subsection 34 (1) of the Act, the prescribed number of security holders is 35.

3. The Regulation is amended by adding the following sections:

Restrictions on Electronic Notice

21. The following circumstances are prescribed under clause 172 (1) (b) of the Act as circumstances in which a notice or other document cannot be sent electronically by a co-operative to a member or director:

1. If the co-operative is a non-profit housing co-operative.

22. The following circumstances are prescribed under clause 172 (2.1) (b) of the Act as circumstances in which a notice or other document cannot be sent electronically by a member or director of a co-operative to the co-operative:

1. If the co-operative is a non-profit housing co-operative.

4. This Regulation comes into force on August 31, 2007.