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Co-Operative Societies Act 2008


44. Fixing record date

1.     Subject to subsection (2), for the purpose of determining members—

a.     entitled to receive payment of a bonus or dividend;

b.    entitled to participate in a distribution on liquidation; or

c.     for any purpose in addition to that described in paragraph (a) or (b), except the right to receive notice of or to vote at a general meeting, the Board may fix in advance a date as the record date for the determination of members.

2.     The record date mentioned in subsection (1) shall not be more than 50 days prior to the particular action to be taken.

3.     Subject to subsection (4), for the purpose of determining members entitled to receive notice of a general meeting, the Board may fix in advance a date as the record date for the determination of members.

4.     The record date mentioned in subsection (3) shall not be more than fifty days nor less than eleven days prior to the date on which the meeting is to be held.

5.     Where the Board does not fix a record date—

a.     the record date for the determination of members entitled to receive notice of a general meeting is—

                      i.        the close of business on the day immediately preceding the day on which the notice is given; or

                     ii.        if no notice is given, the day on which the meeting is held; and

b.    the record date for the determination of members for any purpose other than that described in paragraph (a) is deemed to be at the close of business on the day on which the Board passes a resolution relating to that purpose.



Co-Operative Societies Act 2008 Back




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