73. A credit union may issue permanent shares where authorized to do so by by-law.
The by-law must state the number of permanent shares the credit union is authorized to issue, the amount of the issue, the par value of each share, the preferences, rights and restrictions attached to them and any special condition applicable to their redemption or transfer.
The by-law shall be submitted for approval to the federation with which the credit union is affiliated or, if it is not affiliated, to the Inspector General.