Finance Minister Greg Selinger introduced legislation 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.
