14. The active members of the association, in general meeting assembled, may pass by-laws to regulate the admission of new members, the mode of payment and the instalment portion to be paid upon the shares subscribed, the additional contribution payable by new members, the apportionment of profits, the date of the fiscal year, the calling of general and special meetings and of the meetings of the boards and committees, the dismissal of members and generally all things connected with the internal government of the association and the duties and powers of its boards, committees and officers.
Such by-laws may also establish a class of associates called “auxiliary members”, and determine all matters concerning them, provided that such members shall not vote or hold any office.
Minors and married women, even common as to property, may be admitted as auxiliary members, subscribe for shares for an amount not exceeding one thousand dollars and draw the profits therefrom and the principal upon their mere signature. In a credit association, they may also deposit their savings up to the same amount and draw the interest thereon and the profits and the principal thereof on their mere signature.
Any person having the handling or custody of the funds of the association shall give a security bond, the nature and amount whereof shall be left to the discretion of the board of management.
The by-laws may authorize, upon the conditions thought proper, the admmission of honorary members and officers, but such members and officers shall not participate in the management of the association or in the benefits thereof.
The by-laws may create boards or committees, other than those provided for by this act, with such names and functions as may seem best adapted to the proper working of the association.
A duplicate of such by-laws and their amendments shall be deposited in the office of the clerk or secretary-treasurer of the municipal council as mentioned above.
The association shall, when thereunto required by the Minister of Consumer Affairs, Cooperatives and Financial Institutions, forward a copy of all by-laws adopted in virtue of this act.
R. S. 1964, c. 294, s. 14; 1966-67, c. 72, s. 23; 1975, c. 76, s. 11.