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C-67.3 - Act respecting financial services cooperatives

Section 289
Disposition versions

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289. To become a member of a federation, a credit union must
(1)  apply for admission, except in the case of a founding credit union;
(2)  undertake to comply with the by-laws and standards of the federation;
(3)  subscribe and pay for one qualifying share or any other number of qualifying shares that the by‑laws of the federation may prescribe;
(4)  be admitted by the federation, except in the case of a founding credit union.
2000, c. 29, s. 289; 2018, c. 23, s. 178.
289. To become a member of a federation, a credit union must
(1)  apply for admission, except in the case of a founding credit union;
(2)  undertake to comply with the by-laws and standards of the federation;
(3)  subscribe and pay for the number of qualifying shares prescribed by by-law of the federation or, in the absence of such a by-law, one qualifying share;
(4)  be admitted by the board of directors of the federation or a person authorized by the board, except in the case of a founding credit union.
2000, c. 29, s. 289.
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