C-67.3 - Act respecting financial services cooperatives

Section 60 Disposition versions

2018-07-13

60. No share shall entitle its holder, in the event of the winding-up, insolvency or dissolution of the financial services cooperative, to be reimbursed before the deposits and the other debts of the cooperative have been repaid.

In the event of the winding-up, insolvency or dissolution of a financial services cooperative, the shares it has issued rank among themselves as follows:

(1)  in the case of a credit union that is not a member of a federation, investment shares and capital shares rank equally among themselves and have priority over qualifying shares; and

(2)  in the case of other financial services cooperatives,

(a)  investment shares have priority over capital shares and qualifying shares, and

(b)  capital shares and qualifying shares rank equally among themselves.

2000, c. 29, s. 60; 2011, c. 18, s. 78; 2018, c. 23, s. 59.

2011-06-13

60. No capital share or investment share shall entitle its holder, in the event of the winding-up, insolvency or dissolution of the financial services cooperative, to be reimbursed before the deposits and the other debts of the cooperative have been repaid. However, such shares have priority over qualifying shares.

Despite the first paragraph, in the event of the winding-up, insolvency or dissolution of a federation,

(1)  investment shares have priority over capital shares and qualifying shares;

(2)  capital shares rank equally with qualifying shares.

2000, c. 29, s. 60; 2011, c. 18, s. 78.

2001-07-01

60. No capital share or investment share shall entitle its holder, in the event of the winding-up, insolvency or dissolution of the financial services cooperative, to be reimbursed before the deposits and the other debts of the cooperative have been repaid. However, such shares have priority over qualifying shares.

2000, c. 29, s. 60.