Canada Cooperatives Act

Marginal note:Charge, lien or hypothec on membership shares for amounts

• 123 (1) A cooperative has a charge, lien or hypothec on a membership share or any amount standing to the credit of a member or the personal representative of a member for a debt of that member to the cooperative.

• Marginal note:Enforcement of charge

  (2) A cooperative may

  • (a) enforce a charge, lien or hypothec referred to in subsection (1) in the manner set out in its by-laws; or

  • (b) apply any moneys standing to the credit of a member toward payment of a debt due by the member to the cooperative.