C-67.3 - Act respecting financial services cooperatives

Section 481 Disposition versions

2018-07-13

481. Every public issue of securities by an issuing corporation referred to in section 475 and the amount and terms and conditions of such issue must receive the prior approval of the federation that is the holder of control of the issuing corporation, by way of resolution.

The board of directors of the federation shall also determine the apportionment of the proceeds of the issue among the credit unions it determines and shall specify, where applicable, the sums to be used to subscribe securities of a security fund.

The resolution passed by the board of directors of the federation under the second paragraph is binding on the credit unions. Each such credit union is bound to issue the securities for the amount resulting from the apportionment made by the federation.

The resolution passed by the board of directors of the federation under the second paragraph shall, for each credit union, stand in lieu of a resolution authorizing borrowings or an issue of securities, as the case may be. The federation is authorized to perform, at any time, any acts that are expedient for the purposes of such a resolution, in particular the determination and payment of interest, and the determination of the terms and conditions of redemption, repurchase or conversion attached to the securities issued by a credit union. Such resolutions and acts performed in the name of a credit union are deemed to be resolutions or acts of the credit union.

2000, c. 29, s. 481; 2009, c. 27, s. 7; 2018, c. 23, s. 296.

2009-06-17

481. Every public issue of securities by a legal person referred to in the first paragraph of section 480 and the amount and terms and conditions of such issue must receive the prior approval of the federation controlling the legal person, by way of resolution.

The federation shall also determine, by resolution, the apportionment of the proceeds of the issue among the credit unions it determines and shall specify, where applicable, the sums to be used to subscribe securities of a security fund.

The resolution of the federation is binding on the credit unions. Each such credit union is bound to issue the securities for the amount resulting from the apportionment made by the federation.

The resolution of the federation shall, for each credit union, stand in lieu of a by-law or a resolution authorizing borrowings or an issue of securities, as the case may be. The federation is authorized to perform, at any time, any acts that are expedient for the purposes of such a resolution or by-law, in particular the determination and payment of interest, and the determination of the terms and conditions of redemption, repurchase or conversion attached to the securities issued by a credit union. Such by-laws, resolutions and acts performed in the name of a credit union are deemed to be by-laws, resolutions or acts of the credit union.

2000, c. 29, s. 481; 2009, c. 27, s. 7.

2001-07-01

481. Every public issue of securities by a legal person referred to in the first paragraph of section 480 and the amount and terms and conditions of such issue must receive the prior approval of the federation controlling the legal person, by way of resolution.

The federation shall also determine, by resolution, the apportionment of the proceeds of the issue among the credit unions it determines and shall specify, where applicable, the sums to be used to subscribe securities of a security fund.

The resolution of the federation is binding on the credit unions. Each such credit union is bound to issue the securities for the amount resulting from the apportionment made by the federation.

The resolution of the federation shall, for each credit union, stand in lieu of a resolution authorizing borrowings or an issue of securities, as the case may be. The federation is authorized to perform any acts that are expedient for the purposes of such a resolution, and such acts are deemed to be acts performed by a credit union.

2000, c. 29, s. 481.