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C-3 - Act respecting the caisses d’entraide économique

Section 14
Disposition versions

Full text
14. A union may, by by-law, order the establishment of a surplus account out of the annual operating surplus.
The operating losses of the last fiscal year, if any, shall first be debited to such account.
The annual meeting may allocate the balance of such account, in whole or in part, to the payment of interest on shares. The transfer for such purpose shall, however, be limited to the amount which has for effect to increase the rate of interest on shares to the average rate of the last three years.
In case of dissolution of a union, the balance of such account shall devolve to the federation.
1974, c. 68, s. 14.
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