C-4 - Savings and Credit Unions Act

Section 86 Disposition versions

1978-06-23

86. The members of the union, at the annual meeting, after considering the recommendations of the board of directors and in accordance with the statement of the last business year, shall divide the amount of the annual operating surplus, allocating it first of all to the funding of the general reserve in accordance with section 87. Any balance is allocated to:

(a)  the payment of the interest on the amounts paid up on shares;

(b)  the payment of rebates to depositors or borrowers in proportion to the operations carried on by each of them with the union; or

(c)  the constitution of the fund contemplated in section 88.

R. S. 1964, c. 293, s. 85; 1970, c. 59, s. 29; 1978, c. 85, s. 19.

1977-12-31

86. The members of the union, at the annual meeting, after considering the recommendations of the board of directors and in accordance with the statement of the last fiscal year, shall divide the amount of the annual operating surplus in accordance with the by-laws.

R. S. 1964, c. 293, s. 85; 1970, c. 59, s. 29.