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Canada Cooperatives Act

Version of section 283 from 2011-11-29 to 2024-05-28:

Marginal note:Required action

 A receiver, receiver-manager or sequestrator must

  • (a) take the property of the cooperative into custody and control in accordance with the court order, instrument or act under which the receiver, receiver-manager or sequestrator is appointed;

  • (b) open and maintain a bank account as receiver, receiver-manager or sequestrator of the cooperative for the money of the cooperative coming under their control;

  • (c) keep detailed accounts of all transactions carried out as receiver, receiver-manager or sequestrator;

  • (d) keep accounts of the administration as receiver, receiver-manager or sequestrator and cause them to be made available during usual business hours for inspection by the directors;

  • (e) prepare, at least once in every six month period after the day of appointment, financial statements of the administration, as far as is feasible, in the form required by section 247;

  • (f) on completion of their duties, render a final account of the administration in the form that the receiver, receiver-manager or sequestrator has adopted for preparation of interim accounts under paragraph (e); and

  • (g) if section 252 would otherwise apply, file with the Director a copy of any financial statement mentioned in paragraph (e) and any final account mentioned in paragraph (f) not later than fifteen days after it is prepared or rendered.

  • 1998, c. 1, s. 283
  • 2011, c. 21, s. 106(E)

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