C-67.3 - Act respecting financial services cooperatives

Section 62 Disposition versions

2018-07-13

62. The interest that may be paid on capital shares is determined by the board of directors of the cooperative that issued the shares unless the cooperative is a member of a federation; in that case, it is determined by the board of directors of the federation.

The additional interest that may be paid on capital shares issued by a credit union that is not a member of a federation is determined by the credit union’s general meeting, at its annual meeting.

2000, c. 29, s. 62; 2018, c. 23, s. 62.

2001-07-01

62. The general meeting of a financial services cooperative may, at the annual meeting, determine the additional interest payable on capital shares out of its surplus earnings.

During the fiscal year, the board of directors may determine the interest payable on capital shares out of the amounts allocated to the stabilization reserve. The general meeting, at the annual meeting, may also determine the additional interest to be paid on those shares out of the stabilization reserve.

2000, c. 29, s. 62.