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C-67.3 - Act respecting financial services cooperatives
Section 59
Disposition versions
59. The capital shares and investment shares of a financial services cooperative may be transferred between members. In the case of a credit union, the shares may also be transferred between the members of the credit union and the federation.
The capital or investment shares may also be transferred to third persons if they have been given as security by a member.
Shares transferred to the federation or to third persons may be re-transferred only to the members of the financial services cooperative. In addition, the shares transferred to the federation may be re-transferred to the fund referred to in subparagraph 2 of the second paragraph of section 55.
59. The capital shares and investment shares of a financial services cooperative may be transferred between members. In the case of a credit union, the shares may also be transferred between the members of the credit union and the federation.
The capital or investment shares may also be transferred to third persons if they have been given as security by a member.
Shares transferred to the federation or to third persons may be re-transferred only to the members of the financial services cooperative. In addition, the shares transferred to the federation may be re-transferred to the fund referred to in paragraph 1 of section 46.
