349Minimum requirements for rules concerning CCUs

349 Minimum requirements for rules concerning CCUs

349 Minimum requirements for rules concerning CCUs

The rules of a co-operative that permit the co-operative to issue CCUs must contain provision to the effect of the following provisions and must not contain provisions that are inconsistent with the following provisions—

(a) either (as specified in the rules)—

(i) each holder of a CCU is entitled to one vote only at a meeting of the holders of CCUs; or

(ii) each holder of a CCU is entitled to one vote per CCU held at a meeting of the holders of CCUs;

(b) the rights of the holders of CCUs may be varied only in the manner and to the extent provided by their terms of issue and only with the consent of at least 75% of the holders of CCUs given in writing or at a meeting;

(c) the holder of a CCU has, in the person’s capacity as a holder, none of the rights or entitlements of a member of the co-operative;

(d) the holder of a CCU is entitled to receive notice of all meetings of the co-operative and all other documents in the same manner as the holder of a debenture of the co-operative.