C-67.3 - Act respecting financial services cooperatives

Section 420 Disposition versions

2018-07-13

420. The by-laws of a federation may establish a separate fund to purchase capital shares or investment shares issued by credit unions.

The fund may also be used to purchase capital shares or investment shares already issued by the federation to a member described in subparagraph 5 of the second paragraph of section 55. Shares so purchased cannot be resold except to a member described in that subparagraph.

The by-law may in addition

(1)  prescribe the conditions and method of operation of such a fund;

(2)  fix for each fiscal year of the fund the assessment that each credit union must pay into the fund, or the method for calculating such assessment.

Dividends allotted by a credit union and paid into the fund established by the credit union pursuant to subparagraph 2 of the second paragraph of section 55 may be used by that fund for the acquisition, for the benefit of credit union members participating in the fund, of shares held by the fund established under the first paragraph.

2000, c. 29, s. 420; 2010, c. 40, s. 10; 2018, c. 23, s. 252.

2010-12-10

420. A federation may, by by-law, establish a separate fund to purchase capital shares or investment shares issued by credit unions.

The fund may also be used to purchase capital shares or investment shares already issued by the federation to a member described in subparagraph 4 of the first paragraph of section 46. Shares so purchased cannot be resold except to a member described in that subparagraph.

The by-law may in addition

(1)  prescribe the conditions and method of operation of such a fund;

(2)  fix for each fiscal year of the fund the assessment that each credit union must pay into the fund, or the method for calculating such assessment.

Dividends allotted by a credit union and paid into the fund established by the credit union pursuant to paragraph 1 of section 46 may be used by that fund for the acquisition, for the benefit of credit union members participating in the fund, of shares held by the fund established under the first paragraph.

2000, c. 29, s. 420; 2010, c. 40, s. 10.

2001-07-01

420. A federation may, by by-law, establish a separate fund to purchase capital shares or investment shares issued by credit unions.

The by-law may in addition

(1)  prescribe the conditions and method of operation of such a fund;

(2)  fix for each fiscal year of the fund the assessment that each credit union must pay into the fund, or the method for calculating such assessment.

Dividends allotted by a credit union and paid into the fund established by the credit union pursuant to paragraph 1 of section 46 may be used by that fund for the acquisition, for the benefit of credit union members participating in the fund, of shares held by the fund established under the first paragraph.

2000, c. 29, s. 420.