C-67.3 - Act respecting financial services cooperatives

Full text
46. (Repealed).
2000, c. 29, s. 46; 2009, c. 27, s. 1; 2018, c. 23, s. 50.
46. Notwithstanding section 45, shares other than qualifying shares may be issued
(1)  to a fund established by by-law of the cooperative for the purpose of holding shares for the benefit of its members;
(2)  to a security fund belonging to the group;
(3)  to a legal person referred to in section 480;
(4)  to a member of a credit union that is a member of the federation issuing the shares;
(5)  to a federation of which the credit union issuing the shares is a member.
Where a federation apportions all or part of the proceeds of an issue of shares referred to in subparagraph 4 of the first paragraph among member credit unions, section 481 applies with the necessary modifications.
2000, c. 29, s. 46; 2009, c. 27, s. 1.
46. Notwithstanding section 45, shares other than qualifying shares may be issued
(1)  to a fund established by by-law of the cooperative for the purpose of holding shares for the benefit of its members;
(2)  to a security fund belonging to the group;
(3)  to a legal person referred to in section 480.
2000, c. 29, s. 46.