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C-67.3 - Act respecting financial services cooperatives
Section 547.6
Disposition versions
547.6. A financial services cooperative that belongs to the Group may, if the by-laws of the Group so provide, issue capital shares and investment shares to third persons, which means that such shares may be issued not only to acquirers referred to in the second paragraph of section 55, but also to any other acquirer.
Despite section 59 and the second paragraph of section 420, shares that may be issued to third persons may also subsequently be transferred to third persons, unless the by-laws of the Group restrict their transfer. In addition, a separate fund established to purchase capital shares may be used to purchase any capital share issued by a financial services cooperative belonging to the Group, despite the second paragraph of section 420.
Not in force
547.6. A financial services cooperative that belongs to the Group may, if the by-laws of the Group so provide, issue capital shares and investment shares to third persons, which means that such shares may be issued not only to acquirers referred to in the second paragraph of section 55, but also to any other acquirer.
Despite section 59 and the second paragraph of section 420, shares that may be issued to third persons may also subsequently be transferred to third persons, unless the by-laws of the Group restrict their transfer. In addition, a separate fund established to purchase capital shares may be used to purchase any capital share issued by a financial services cooperative belonging to the Group, despite the second paragraph of section 420.
