C-4.1 - Savings and Credit Unions Act

Section 2 Disposition versions

1989-03-15

2. Credit unions are cooperatives operating according to the following rules of cooperative action:

(1)  the number of members is not limited;

(2)  no member is entitled to more than one vote, regardless of the number of shares held by him;

(3)  no member may vote by proxy;

(4)  the payment of interest on the capital is limited;

(5)  a general reserve must be set up and the amounts paid into it cannot be distributed to the members, even in the event of a winding-up or dissolution;

(6)  surplus earnings are allocated in accordance with this Act.

1988, c. 64, s. 2.