Canada Cooperatives Act
Version of section 278 from 2003-01-01 to 2011-11-28:
Marginal note:Functions of receiver
278 (1) Subject to the rights of secured creditors, a receiver of any property of a cooperative may
(a) receive the income from the property and pay the liabilities connected with it; and
(b) realize the security interest of those on whose behalf the receiver is appointed.
Marginal note:If receiver not manager
(2) Despite subsection (1) but subject to any order that the court may make under section 282, a receiver who is not appointed manager of the cooperative may not carry on the business of the cooperative.
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