Marginal note:Use of funds
13 (1) An association may use its funds for any purpose calculated to advance the purpose of the association, including, without restricting the generality of the foregoing, using those funds for developing and promoting breed improvement programs, making grants to exhibitions and providing services to the breeders of the animals in respect of which the association has been incorporated.
Marginal note:Profits
(2) Subject to any by-laws providing for the remuneration of its directors, officers and employees, and its agents or mandataries, all profits or accretions of value to the property of an association shall be used in furtherance of the purpose of the association, and no part of the property or profits of the association may be distributed, directly or indirectly, to any member of the association.
- 1985, c. 8 (4th Supp.), s. 13
- 2004, c. 25, s. 2
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