C-67.3 - Act respecting financial services cooperatives

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36. At the meeting, the founders of a financial services cooperative must
(1)  adopt by-laws;
(2)  subscribe for the number of qualifying shares specified in those by‑laws or, if such a number is not specified, one qualifying share;
(3)  elect the officers;
(4)  appoint an auditor, where this Act so requires;
(5)  in the case of a federation, adopt the standards required under the second paragraph of section 369.
The founders of a financial services cooperative may, in addition, take any other measure concerning its affairs.
The founders of a credit union must pass a resolution to ratify the membership of the credit union in the federation that has undertaken to admit it as a member.
2000, c. 29, s. 36; 2005, c. 35, s. 35, s. 36; 2018, c. 23, s. 44.
36. At the meeting, the founders of a financial services cooperative must
(1)  adopt internal management by-laws;
(2)  subscribe for the number of qualifying shares prescribed by by-law of the financial services cooperative or, in the absence of such a by-law, one qualifying share;
(3)  elect the members of the board of directors and, where applicable, the members of the board of supervision or of the board of ethics and professional conduct;
(4)  appoint an auditor, where this Act so requires;
(5)  adopt the standards referred to in sections 369 and 371.
The founders of a financial services cooperative may, in addition, adopt any other by-law or take any other measure concerning its affairs.
The founders of a credit union must pass a resolution to ratify the membership of the credit union in the federation that has undertaken to admit it as a member.
2000, c. 29, s. 36; 2005, c. 35, s. 35, s. 36.
36. At the meeting, the founders of a financial services cooperative must
(1)  adopt internal management by-laws;
(2)  subscribe for the number of qualifying shares prescribed by by-law of the financial services cooperative or, in the absence of such a by-law, one qualifying share;
(3)  elect the members of the board of directors and, where applicable, the members of the board of audit and ethics or of the board of ethics;
(4)  appoint an auditor, where this Act so requires;
(5)  adopt the standards referred to in sections 369 and 371.
The founders of a financial services cooperative may, in addition, adopt any other by-law or take any other measure concerning its affairs.
The founders of a credit union must pass a resolution to ratify the membership of the credit union in the federation that has undertaken to admit it as a member.
2000, c. 29, s. 36.