306. In this Part, “court” means a court having jurisdiction in the place where the cooperative has its registered office.

307. (1) This Part, other than sections 308 and 311, does not apply to a cooperative that is an insolvent person or a bankrupt as those terms are defined in subsection 2(1) of the Bankruptcy and Insolvency Act.

(2) Any proceedings taken under this Part to dissolve or to liquidate and dissolve a cooperative are stayed if the cooperative is at any time found, in a proceeding under the Bankruptcy and Insolvency Act, to be an insolvent person as defined in that Act.

1998, c. 1, s. 307; 2001, c. 14, s. 209.

308. (1) When a cooperative is dissolved under this Part, any interested person, or any person who would be an interested person if a certificate of revival is issued under this section, may apply to the Director to have the cooperative revived under this Act.

(2) Articles of revival in the form that the Director fixes must be sent to the Director, together with a declaration of the directors to the same effect as one referred to in paragraph 10(d) and, if applicable, in paragraph 10(e).

(3) On receipt of articles of revival, the Director must issue a certificate of revival, unless the Director is of the opinion that issuing the certificate

(a) would result in the cooperative

(i) no longer being organized or operating or carrying on business on a cooperative basis,

(ii) if the cooperative is one to which Part 20 applies, not complying with Part 20, and

(iii) if the cooperative is one to which Part 21 applies, not complying with Part 21; or

(b) would not be advisable for any other valid reason.

(4) For the purpose of subsection (3), the Director may rely on the articles of revival and the declarations referred to in subsection (2).

(5) A cooperative is revived under this Act on the date shown on the certificate of revival.

(6) In the same manner and to the same extent as if it had not been dissolved, but subject to any reasonable terms that may be imposed by the Director, to the rights acquired by any person after its dissolution and to any changes to the internal affairs of the cooperative after its dissolution, the revived cooperative is

(a) restored to its previous position in law, including the restoration of any rights and privileges whether arising before its dissolution or after its dissolution and before its revival; and

(b) liable for the obligations that it would have had if it had not been dissolved whether they arise before its dissolution or after its dissolution and before its revival.

(7) Any legal action respecting the affairs of a revived cooperative taken between the time of its dissolution and its revival is valid and effective.

(8) In this section, “interested person” includes

(a) a member, a shareholder, a director, an officer, an employee and a creditor of the dissolved cooperative;

(b) a person who has a contractual relationship with the dissolved cooperative; and

(c) a trustee in bankruptcy for the dissolved cooperative.

1998, c. 1, s. 308; 2001, c. 14, s. 210.

309. (1) A cooperative that has no property and no liabilities may be dissolved by a special resolution of the members and, if the cooperative has issued investment shares, by a separate special resolution of the shareholders of each class, whether or not they are otherwise entitled to vote.

(2) A cooperative that has property or liabilities, or both, may be dissolved by a special resolution of the members and, if the cooperative has issued investment shares, by a separate special resolution of the shareholders of each class, whether or not they are otherwise entitled to vote, if

(a) by the special resolution or resolutions they authorize the directors to cause the cooperative to distribute property and discharge liabilities; and

(b) the cooperative has distributed property and discharged liabilities before it sends articles of dissolution to the Director under subsection (3).

(3) Articles of dissolution in the form that the Director fixes must be sent to the Director.

(4) On receipt of articles of dissolution, the Director must issue a certificate of dissolution.

(5) The cooperative ceases to exist on the date shown in the certificate of dissolution.

310. (1) The directors may propose, or a member may, in accordance with section 58, make a proposal for, the voluntary liquidation and dissolution of a cooperative.

(2) Notice of any meeting of the cooperative at which voluntary liquidation and dissolution is to be proposed must set out the terms of the proposal.

(3) A cooperative may liquidate and dissolve by a special resolution of the members and, if the cooperative has issued investment shares, by a separate special resolution of the shareholders of each class, whether or not they are otherwise entitled to vote.

(4) A statement of intent to dissolve in the form that the Director fixes must be sent to the Director.

(5) On receipt of a statement of intent to dissolve, the Director must issue a certificate of intent to dissolve.

(6) On the issue of a certificate of intent to dissolve, the cooperative must cease to carry on business except to the extent necessary for the liquidation, but its corporate existence continues until the Director issues a certificate of dissolution.

(7) After the issue of a certificate of intent to dissolve, the cooperative must, without delay,

(a) cause a notice to be sent to each known creditor of the cooperative;

(b) proceed to collect its property, dispose of properties that are not to be distributed in kind to its members or shareholders, discharge all its obligations and do all other acts required to liquidate its business; and

(c) after giving the notice required under paragraph (a) and adequately providing for the payment or discharge of all its obligations, but subject to the articles and Parts 20 and 21, distribute its remaining property among its members and shareholders, if any, according to their respective rights.

(8) Any interested person may, at any time during the liquidation of a cooperative, apply to a court for an order that the liquidation be continued under the supervision of the court as provided in this Part, and on the application the court may so order and make any further order it thinks fit.

(9) An applicant under this section must give the Director notice of the application.

(10) At any time after issue of a certificate of intent to dissolve and before issue of a certificate of dissolution, a certificate of intent to dissolve may be revoked by sending the Director a statement of revocation of intent to dissolve in the form that the Director fixes, if the revocation is approved in the same manner as the resolution under subsection (3).

(11) On receipt of a statement of revocation of intent to dissolve, the Director must issue a certificate of revocation of intent to dissolve.

(12) On the date shown in the certificate of revocation of intent to dissolve, the revocation is effective and the cooperative may continue to carry on its business or businesses.

(13) If a certificate of intent to dissolve has not been revoked and the cooperative has complied with subsection (7), articles of dissolution in the form that the Director fixes must be sent to the Director.

(14) On receipt of articles of dissolution, the Director must issue a certificate of dissolution.

(15) The cooperative ceases to exist on the date shown in the certificate of dissolution.

311. (1) Subject to subsections (2) and (3), the Director may dissolve a cooperative by issuing a certificate of dissolution under this section if the cooperative

(a) has not commenced business within three years after the date shown in its certificate of incorporation;

(b) has not carried on its business for three consecutive years;

(c) is in default for a period of one year in sending the Director any fee, notice or document required by this Act; or

(d) does not have any directors or is in the situation described in subsection 85(6).

(2) The Director may not dissolve a cooperative under this section until

(a) one hundred and twenty days have elapsed since notice of intent to dissolve has been given to the cooperative and to each of its directors; and

(b) notice of intent to dissolve the cooperative has been published in a publication generally available to the public.

(3) Unless cause to the contrary has been shown or an order has been made by a court under section 315, the Director may, after the end of the one hundred and twenty days referred to in subsection (2), issue a certificate of dissolution.

(3.1) Despite anything in this section, the Director may dissolve a cooperative by issuing a certificate of dissolution if the fee for the issuance of a certificate of incorporation is not paid.

(4) The cooperative ceases to exist on the date shown in the certificate of dissolution.

1998, c. 1, s. 311; 2001, c. 14, s. 211.

312. (1) Any interested person may apply to a court for an order dissolving a cooperative if the cooperative has

(a) failed for two or more consecutive years to comply with the requirements of this Act with respect to the holding of annual meetings;

(b) contravened section 18, subsection 27(2) or section 31, 247 or 249; or

(c) procured any certificate under this Act by misrepresentation.

(2) An applicant under this section must give the Director notice of the application.

(3) On an application under this section, the court may order that the cooperative be dissolved or that it be liquidated and dissolved under the supervision of the court, and the court may make any other order it thinks fit.

(4) On receipt of an order under this section or section 313, the Director must

(a) if the order is to dissolve the cooperative, issue a certificate of dissolution in the form that the Director fixes; or

(b) if the order is to liquidate and dissolve the cooperative under the supervision of the court, issue a certificate of intent to dissolve in the form that the Director fixes and publish notice of the order in a publication generally available to the public.

(5) The cooperative ceases to exist on the date shown in the certificate of dissolution.

1998, c. 1, s. 312; 2001, c. 14, s. 212.

313. (1) A court may order the liquidation and dissolution of a cooperative or any of its affiliates on the application of a member or a shareholder if the court is satisfied

(a) that the cooperative no longer carries on business or is no longer organized or operating on a cooperative basis;

(b) that an act or omission of the cooperative or any of its affiliates effects a result, that the business or affairs of the cooperative or any of its affiliates are or have been carried on or conducted in a manner, or that the powers of the directors of the cooperative or any of its affiliates are or have been exercised in a manner, that is oppressive or unfairly prejudicial to, or that unfairly disregards the interests of, a member, shareholder, security holder, creditor, director or officer; or

(c) that events have occurred that entitle a member or shareholder, in accordance with a unanimous agreement, to demand that the cooperative be dissolved or that it is just and equitable that the cooperative be liquidated and dissolved.

(2) On an application under this section, a court may make any order under this section or section 340 that it thinks fit.

(3) Section 341 applies to an application under this section.

1998, c. 1, s. 313; 2001, c. 14, s. 213(F).

314. (1) An application to a court to supervise a voluntary liquidation and dissolution under subsection 310(8) must state the reasons, verified by an affidavit of the applicant, why the court should supervise the liquidation and dissolution.

(2) If a court makes an order applied for under subsection 310(8), the liquidation and dissolution of the cooperative continues under the supervision of the court in accordance with this Act.

315. (1) An application to a court under subsection 313(1) must state the reasons, verified by an affidavit of the applicant, why the cooperative should be liquidated and dissolved.

(2) On an application under subsection 313(1), the court may make an order requiring the cooperative and any person who has an interest in it or claim against it to show cause, at a specified time and place, not less than four weeks after the date of the order, why the cooperative should not be liquidated and dissolved.

(3) On an application under subsection 313(1), the court may order the directors and officers of the cooperative to provide the court with all material information known to or reasonably ascertainable by them, including

(a) financial statements of the cooperative;

(b) the name and address of each member and shareholder; and

(c) the name and address of each known creditor or claimant, including any creditor or claimant with unliquidated, future or contingent claims, and any person with whom the cooperative has a contract.

(4) A copy of an order made under subsection (2) must be

(a) published as directed in the order, at least once in each week before the time appointed for the hearing, in a publication generally available to the public; and

(b) served on the Director and each person named in the order.

(5) Publication and service of an order under this section must be effected by the cooperative or by any other person and in any manner that the court may order.

316. In connection with the liquidation and dissolution of a cooperative, the court may, if it is satisfied that the cooperative is able to pay or adequately provide for the discharge of all its obligations, make any order it thinks fit, including an order

(a) to liquidate;

(b) appointing a liquidator, with or without security, and fixing their remuneration, or replacing a liquidator;

(c) appointing inspectors or referees, specifying their powers and fixing their remuneration, or replacing inspectors or referees;

(d) determining the notice to be given to any interested person, or dispensing with notice to any person;

(e) determining the validity of any claim made against the cooperative;

(f) at any stage of the proceedings, restraining the directors and officers from

(i) exercising any of their powers, or

(ii) collecting or receiving any debt or other property of the cooperative, and from paying out or transferring any property of the cooperative, except as permitted by the court;

(g) determining and enforcing the duty or liability of any present or former director, officer, member or shareholder

(i) to the cooperative, or

(ii) for an obligation of the cooperative;

(h) approving the payment, satisfaction or compromise of claims against the cooperative and the retention of assets for those purposes, and determining the adequacy of provisions for the payment or discharge of obligations of the cooperative, whether liquidated, unliquidated, future or contingent;

(i) disposing of or destroying documents and records of the cooperative;

(j) on the application of a creditor, the inspectors or the liquidator, giving directions on any matter arising on the liquidation;

(k) after notice has been given to all interested parties, relieving a liquidator from an omission or default on any terms that the court thinks fit and confirming any act of the liquidator;

(l) subject to section 322, approving any proposed interim or final distribution to members or shareholders in money or in property in accordance with their respective rights;

(m) disposing of any property that belongs to creditors, members or shareholders who cannot be found;

(n) on the application of a director, officer, member, shareholder or creditor or the liquidator,

(i) staying the liquidation on any terms and conditions that the court thinks fit,

(ii) continuing or discontinuing the liquidation proceedings, or

(iii) to the liquidator, to restore to the cooperative all its remaining property; and

(o) after the liquidator has rendered a final account to the court, dissolving the cooperative.

317. The liquidation of a cooperative commences when a court makes an order for liquidation.

318. (1) If a court makes an order for liquidation of a cooperative,

(a) the cooperative continues in existence but must cease to carry on business, except the business that is in the liquidator’s opinion required for an orderly liquidation; and

(b) the powers of the directors, members and shareholders cease and vest in the liquidator, except as specifically authorized by the court.

(2) The liquidator may delegate any of the powers vested in him or her by paragraph (1)(b) to the directors or members.

319. (1) When making an order for the liquidation of a cooperative or at any time after making one, the court may appoint any person, including a director, officer, member or shareholder, or any other body corporate, as liquidator of the cooperative.

(2) If an order for the liquidation of a cooperative has been made and the office of liquidator is or becomes vacant, the property of the cooperative is under the control of the court until the office of liquidator is filled.

320. A liquidator must, without delay after being appointed,

(a) give notice of appointment to each claimant and creditor known to the liquidator;

(b) publish notice in a publication generally available to the public and take reasonable steps to give notice of the appointment in each province or other jurisdiction where the cooperative carries on business, requiring

(i) any person who is indebted to the cooperative to render an account and pay any amount owing to the liquidator at the time and place specified,

(ii) any person who possesses property of the cooperative to deliver it to the liquidator at the time and place specified, and

(iii) any person who has a claim against the cooperative, whether liquidated, unliquidated, future or contingent, to present particulars of it in writing to the liquidator not later than two months after the first publication of the notice;

(c) take the property of the cooperative into custody and control;

(d) open and maintain a trust account for money received by the liquidator in the course of the liquidation;

(e) keep accounts of the moneys of the cooperative received and paid out in the course of the liquidation;

(f) maintain separate lists of the members, shareholders and creditors and other persons who have claims against the cooperative;

(g) if at any time the liquidator determines that the cooperative is unable to pay or adequately provide for the discharge of its obligations, apply to the court for directions;

(h) deliver to the court and to the Director, at least once in every twelve month period after appointment or more often as the court may require, financial statements of the cooperative in the form required by section 247, or in any other form that the liquidator may think proper or that the court may require; and

(i) after the final accounts are approved by the court, distribute any remaining property of the cooperative among the members and shareholders according to their respective rights.

321. (1) A liquidator may

(a) retain lawyers, notaries, accountants, engineers, appraisers and other professionals;

(b) bring, defend or take part in any civil, criminal, administrative, investigative or other action or proceeding in the name and on behalf of the cooperative;

(c) carry on the business of the cooperative as required for an orderly liquidation;

(d) sell any property of the cooperative by public auction or private sale;

(e) do all acts and execute any documents in the name and on behalf of the cooperative;

(f) borrow money on the security of the property of the cooperative;

(g) settle or compromise any claims by or against the cooperative; and

(h) do all other things necessary for the liquidation of the cooperative and the distribution of its property.

(2) A liquidator is not liable under this Part if the liquidator exercised the care, diligence and skill that a reasonably prudent person would have exercised in comparable circumstances, including reliance in good faith on

(a) financial statements of the cooperative represented to the liquidator by an officer of the cooperative or in a written report of the auditor of the cooperative fairly to reflect the financial condition of the cooperative; or

(b) a report of a person whose profession lends credibility to a statement made by the professional person.

(3) If a liquidator has reason to believe that any property of the cooperative is in the possession or control of a person or that anyone has concealed, withheld or misappropriated any property of the cooperative, the liquidator may apply to the court for an order requiring the person to appear before the court at the time and place designated in the order and to be examined.

(4) If the examination discloses that the person has concealed, withheld or misappropriated property of the cooperative, the court may order the person to restore it or pay compensation to the liquidator.

1998, c. 1, s. 321; 2001, c. 14, s. 214.

322. (1) A liquidator must pay the costs of liquidation out of the property of the cooperative and must pay or make adequate provision for all claims against it.

(2) No later than one year after appointment, and after paying or making adequate provision for all claims against the cooperative, the liquidator must apply to the court for

(a) approval of the final accounts of the liquidator and, subject to the articles and Parts 20 and 21, an order permitting a distribution in money or in kind of the remaining property of the cooperative to the members and shareholders, if any, according to their respective rights; or

(b) an extension of time, setting out the reasons for the extension.

(3) If a liquidator fails to make the application required by subsection (2), a member or shareholder may apply to the court for an order for the liquidator to show cause why a final accounting and distribution should not be made.

(4) A liquidator must give notice of their intention to make an application under subsection (2) to the Director, to each inspector appointed under section 316, to each member or shareholder and to any person who provided a security or fidelity bond for the liquidation, and must publish the notice in a newspaper published or distributed in the place where the cooperative has its registered office, in any manner set out in the by-laws or as otherwise directed by the court.

(5) If the court approves the final accounts rendered by a liquidator, the court must make an order

(a) directing the Director to issue a certificate of dissolution;

(b) directing the custody or disposal of the documents of the cooperative; and

(c) discharging the liquidator, subject to the remaining duty required by subsection (6).

(6) The liquidator must send a certified copy of the order described in subsection (5) to the Director without delay.

(7) On receipt of the order described in subsection (5), the Director must issue a certificate of dissolution.

(8) The cooperative ceases to exist on the date shown in the certificate of dissolution.

323. A member or shareholder may apply to the court for an order requiring the distribution of the property of the cooperative to be in money if, in the course of the liquidation of the cooperative, the members and shareholders resolve or the liquidator proposes to

(a) exchange all or substantially all the property of the cooperative for securities of another body corporate that are to be distributed to the members and shareholders, if any; or

(b) distribute all or part of the property of the cooperative to the members and shareholders, if any, in kind.

324. On an application under section 323, the court, subject to the articles and Parts 20 and 21, may order

(a) that all the property of the cooperative be converted into and distributed in money; or

(b) that the claims of a member or shareholder applying under this section be satisfied by a distribution in money, in which case subsections 302(19) and (20) apply.

325. A person who has been granted custody of the documents of a dissolved cooperative remains liable to produce them for six years after the date of its dissolution or until the end of any other shorter period that may be ordered under subsection 322(5).

326. (1) In this section, “member” and “shareholder” include their heirs and personal representatives.

(2) Despite the dissolution of a cooperative under this Act,

(a) a civil, criminal, administrative, investigative or other action or proceeding commenced by or against the cooperative before its dissolution may be continued as if it had not been dissolved;

(b) a civil, criminal, administrative, investigative or other action or proceeding may be brought against the cooperative within two years after its dissolution as if it had not been dissolved; and

(c) any property that would have been available to satisfy a judgment or order if the cooperative had not been dissolved remains available for those purposes.

(3) Service of a document on a cooperative after its dissolution may be effected by serving the document on a person named in the last notice sent under section 81 or 91.

(4) Despite the dissolution of a cooperative under this Act, a member or shareholder to whom any of its property has been distributed is liable to any person claiming under subsection (2) to the extent of the amount distributed to that member or shareholder. An action to enforce the liability may be brought no later than two years after the date of the dissolution of the cooperative.

(5) A court may order an action referred to in subsection (4) to be brought against the persons who were members or shareholders as a class, subject to any conditions that the court thinks fit, and, if the plaintiff establishes a claim, the court may refer the proceedings to a referee or other officer of the court who may

(a) add as a party to the proceedings each member or shareholder who was found by the plaintiff;

(b) determine, subject to subsection (4), the amount that each of those members and shareholders must contribute towards satisfaction of the plaintiff’s claim; and

(c) direct payment of the amounts so determined.

1998, c. 1, s. 326; 2001, c. 14, s. 215.

327. (1) On the dissolution of a cooperative under this Act, the portion of the property to be distributed to a creditor, member or shareholder who cannot be found must be converted into money and paid to the Receiver General.

(2) A payment under subsection (1) is deemed to be in satisfaction of a debt or claim of the creditor, member or shareholder.

(3) If at any time a person establishes their entitlement to any money paid to the Receiver General under this Act, the Receiver General must pay the person an equivalent amount out of the Consolidated Revenue Fund.

328. (1) Subject to subsection 326(2) and section 327, property of a cooperative that has not been disposed of at the date of its dissolution under this Act vests in Her Majesty in right of Canada.

(2) If a cooperative is revived as a cooperative under section 308, any property, other than money, that vested in Her Majesty under subsection (1) and that has not been disposed of must be returned to the cooperative, and there must be paid to the cooperative out of the Consolidated Revenue Fund

(a) an amount equal to any money received by Her Majesty under subsection (1); and

(b) if property other than money vested in Her Majesty under subsection (1) and the property has been disposed of, an amount equal to the lesser of

(i) the value of the property at the date it vested in Her Majesty, and

(ii) the amount realized by Her Majesty from the disposition of the property.

(3) [Repealed, 2001, c. 14, s. 216]

1998, c. 1, s. 328; 2001, c. 14, s. 216.

329. (1) Any interested person may apply, without notice or on any notice that the court may require, to a court having jurisdiction in the place where the cooperative has its registered office for an order directing an investigation to be made of the cooperative and any of its affiliates.

(2) The court may order an investigation to be made of the cooperative and any of its affiliates if, on an application under subsection (1), it appears to the court that the application is neither frivolous nor vexatious and that

(a) the cooperative is not organized, operated or carrying on business on a cooperative basis;

(b) the business or the affairs of the cooperative are not being carried out or conducted in accordance with

(i) the restrictions contained in its articles,

(ii) its by-laws,

(iii) a unanimous agreement, or

(iv) this Act;

(c) the business of the cooperative or any of its affiliates is or has been carried on with intent to defraud a person;

(d) the business or affairs of the cooperative or any of its affiliates are or have been carried on or conducted, or the powers of the directors are or have been exercised, in a manner that is oppressive or unfairly prejudicial to, or that unfairly disregards the interests of, a member or a security holder;

(e) the cooperative or any of its affiliates was formed for a fraudulent or unlawful purpose or is to be dissolved for a fraudulent or unlawful purpose; or

(f) persons concerned with the formation, business or affairs of the cooperative or any of its affiliates have, in connection with the formation, business or affairs of the cooperative, acted fraudulently or dishonestly.

(3) An applicant under this section is not required to give security for costs.

1998, c. 1, s. 329; 2001, c. 14, s. 217(F).

330. (1) In connection with an investigation under this Part, the court may make any order it thinks fit, including an order

(a) to investigate;

(b) appointing an inspector, who may be the Director, and fixing their remuneration, or replacing an inspector;

(c) determining the notice to be given to any interested person, or dispensing with notice to any person;

(d) authorizing an inspector to enter any premises in which the court is satisfied there might be relevant information and to examine any thing and make copies of any document found on the premises;

(e) requiring any person to produce documents to an inspector;

(f) authorizing an inspector to conduct a hearing, administer oaths and examine any person on oath, and setting out rules for the conduct of hearings;

(g) requiring any person to attend a hearing conducted by an inspector and to give evidence on oath;

(h) giving directions to an inspector or any other interested person on any matter arising in the investigation;

(i) requiring an inspector to make an interim or final report to the court;

(j) determining whether a report of an inspector should be published and, if so, ordering its publication in whole or in part or that copies of it be sent to any person the court designates;

(k) requiring an inspector to discontinue the investigation;

(l) if the cooperative is incorporated with membership capital, requiring the cooperative to be continued under the Canada Business Corporations Act, or if it is incorporated without membership capital, requiring it to be dissolved;

(m) determining any matter that relates to the relationship between a member and the cooperative; and

(n) requiring the cooperative to pay the costs of the investigation.

(2) An inspector must send the Director a copy of every report made by the inspector under this Part.

331. (1) An inspector appointed under this Part has the powers set out in the order appointing the inspector.

(2) In addition to the powers set out in the order appointing an inspector, the inspector may provide information to, or exchange information and otherwise cooperate with, any public official in Canada or elsewhere who

(a) is authorized to exercise investigatory powers; and

(b) is investigating, in respect of the cooperative, any allegation of improper conduct that is the same as or similar to the conduct described in subsection 329(2).

(3) An inspector must, on the request of an interested person, produce a copy of any order made under subsection 330(1).

332. (1) Any interested person may apply to the court for an order that a hearing under this Part be heard in private and for directions on any matter arising in the investigation.

(2) A person whose conduct is being investigated or who is being examined at a hearing conducted under this Part has the right to be represented by counsel.

333. No person is excused from attending and giving evidence and producing documents to an inspector under this Part by reason only that the evidence tends to incriminate the person or subject the person to a proceeding or penalty, but no such evidence may be used or is receivable against the person in any later proceeding instituted under an Act of Parliament, other than a prosecution for perjury in giving the evidence or a prosecution under section 132 or 136 of the Criminal Code in respect of the evidence.

334. Any oral or written statement or report made by an inspector or other person in an investigation under this Part has absolute privilege.

335. (1) For the purposes of this section, a security includes a membership share or an interest in one.

(2) If the Director is satisfied that, for the purposes of Part 9 or 10 or for the purposes of enforcing any regulation made under section 130, there is reason to inquire into the ownership or control of a security of a cooperative or any of its affiliates, the Director may require any person that the Director reasonably believes has or has had an interest in the security or acts or has acted on behalf of a person with such an interest to report to the Director or to any designated person,

(a) information that the person has or can reasonably be expected to obtain as to present and past interests in the security; and

(b) the names and addresses of the persons so interested and of any person who acts or has acted in relation to the security on behalf of the persons so interested.

(3) For the purposes of subsection (2), a person is deemed to hold an interest in a security if

(a) in the case of a membership share, the person is or is entitled to be entered in the records of the cooperative as the owner of the membership share; and

(b) in the case of an investment share,

(i) the person has a right to vote or to acquire or dispose of the investment share or an interest in it,

(ii) the person’s consent is necessary for the exercise of the rights or privileges of any other person interested in the investment share, or

(iii) any other person interested in the investment share can be required or is accustomed to exercise rights or privileges attached to it in accordance with that person’s instructions.

(4) The Director must publish, in a publication generally available to the public, the particulars of information obtained under this section if the particulars

(a) are required by this Act or the regulations to be disclosed; and

(b) have not previously been so disclosed.

336. Nothing in this Part may be construed as affecting the privilege that exists in respect of lawyers and notaries and their clients.

337. The Director may make inquiries of any person relating to compliance with this Act.