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C-4.1 - Savings and Credit Unions Act

Section 266
Disposition versions

Full text
266. All annual surplus earnings of a credit union shall be allocated to
(1)  the general reserve;
(2)  the payment of interest on permanent shares;
(3)  the establishment and maintenance of a stabilization reserve;
(4)  the allotment of dividends to members, depositors or borrowers, in proportion to the business done with the credit union;
(5)  the establishment and maintenance of a social or community fund, where that is the case.
Surplus earnings shall be allocated by the annual meeting after the members have considered the recommendations of the board of directors and taking into account the statement of results for the preceding fiscal year.
Any allocation of surplus earnings must, in addition, be consistent with the standards of the federation with which the credit union is affiliated.
1988, c. 64, s. 266; 1996, c. 69, s. 87.
266. All annual surplus earnings of a credit union shall be allocated to
(1)  the general reserve;
(2)  the payment of interest on permanent shares;
(3)  the establishment and maintenance of a stabilization reserve;
(4)  the allotment of dividends to members, depositors or borrowers, in proportion to the business done with the credit union;
(5)  the establishment and maintenance of a social or community fund, where that is the case.
Surplus earnings shall be allocated by the annual meeting after the members have considered the recommendations of the board of directors and taking into account the statement of results for the preceding fiscal year.
Any allocation of surplus earnings must, in addition, be consistent with the by-laws of the federation with which the credit union is affiliated.
1988, c. 64, s. 266.
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