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C-4.1 - Savings and Credit Unions Act
Section 272
Disposition versions
272. A credit union may, by by-law, establish a fund for social or community purposes. Not more than 10 % of the amount paid as dividends may be paid into the fund. The sums allocated to the fund must be used by the board of directors within three years following their allocation, failing which they shall be paid into the general reserve.
However, the board of directors must pay out of the fund any sum that must be paid into the general reserve to attain the percentage prescribed in section 267 or in the standards of the federation with which the credit union is affiliated, where the sums allocated to the stabilization reserve are not sufficient.
272. A credit union may, by by-law, establish a fund for social or community purposes. Not more than 10 % of the amount paid as dividends may be paid into the fund. The sums allocated to the fund must be used by the board of directors within three years following their allocation, failing which they shall be paid into the general reserve.
However, the board of directors must pay out of the fund any sum that must be paid into the general reserve to attain the percentage prescribed in section 267 or by the by-laws of the federation with which the credit union is affiliated, where the sums allocated to the stabilization reserve are not sufficient.
