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Finance Minister Greg Selinger introduced legislation today that would better protect member investors in co-operatives and allow agricultural co-ops and their members to benefit from federal tax initiatives. 

 

Some of the proposed amendments to the act would:

·         clarify the framework for exemption orders for issuing securities,

·         allow the registrar to issue a cease-trading order, 

·         provide for a cooling-off period for member investors,

·         allow agricultural co-operatives and their members to take advantage of federal tax initiatives for patronage returns,

·         require notification to member investors if a co-operative has not fulfilled its obligations when selling securities,

·         increase fines to levels consistent with similar legislation in other jurisdictions

 

The minister noted the changes would help agricultural co-operatives retain capital to provide for current operations and growth.

 

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