10. The articles of a financial services cooperative shall set out
(1) its name;
(2) the judicial district in which its head office in Québec is situated;
(3) the name and address of each founder;
(4) in the case of a credit union, the name of the federation of which it will be a member;
(5) the conditions and restrictions, if any, concerning the exercise of certain powers or the pursuit of certain activities.
The articles of a credit union that is a member of a federation may indicate the common characteristic that must be shared by members, other than auxiliary members, that the credit union may recruit. The common characteristic must be determined on the basis of occupation, on the basis of employment status with the same employer or with an employer belonging to a group of employers who are related to each other or who carry on their activities in the same economic sector, or on the basis of other criteria recognized by the federation. A credit union whose articles indicate such a common characteristic is called a “group credit union”. Any other credit union that is a member of a federation is called a “territory credit union”, and the common characteristic of its members is to be resident, to be domiciled or to work in Québec.
The articles of a credit union that is not a member of a federation may also contain any provision that the credit union, under this Act, may provide for in its by‑laws.
2000, c. 29, s. 10; 2018, c. 23, s. 3411.