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C-4.1 - Savings and Credit Unions Act

Section 44
Disposition versions

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44. At the meeting, the founders must
(1)  adopt internal management by-laws;
(2)  subscribe and pay for the number of qualifying shares prescribed by by-law of the credit union or, in the absence of such a by-law, one qualifying share;
(3)  pass a resolution to ratify the affiliation of the credit union with the federation that has undertaken to admit it as a member, where that is the case;
(4)  elect the members of the board of directors and of the board of audit and ethics;
(5)  appoint an auditor, where this Act so requires.
The founders may, in addition, adopt any other by-law or take any other measure concerning the affairs of the credit union.
1988, c. 64, s. 44; 1996, c. 69, s. 12.
44. At the meeting, the founders must
(1)  adopt internal management by-laws;
(2)  subscribe and pay for the number of qualifying shares prescribed by by-law of the credit union or, in the absence of such a by-law, one qualifying share;
(3)  pass a resolution to ratify the affiliation of the credit union with the federation that has undertaken to admit it as a member, where that is the case;
(4)  elect the members of the board of directors, of the board of supervision and of the credit committee;
(5)  appoint an auditor, where this Act so requires.
The founders may, in addition, adopt any other by-law or take any other measure concerning the affairs of the credit union.
1988, c. 64, s. 44.
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