356
CurrentApplication for charitable purposes or approved activities
Chapter 3Management and operation of co-operatives
Part 3.4Funds and property
Division 3Disposal of surplus from activities
356 Application for charitable purposes or approved activities
(1)
A co-operative may apply a part of the surplus arising in a year from the business of the co-operative for any charitable purpose.
(2)
A distributing co-operative may apply a part of the surplus arising in a year from the business of the co-operative for supporting an activity approved by the co-operative.
(3)
The rules of a co-operative must limit the amount that may be applied under subsection (1) or (2) to a stated proportion of the surplus.
This Act’s bill:Explanatory statement
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