36. At the meeting, the founders of a financial services cooperative must(1) adopt internal management by-laws;
(2) subscribe for the number of qualifying shares prescribed by by-law of the financial services cooperative or, in the absence of such a by-law, one qualifying share;
(3) elect the members of the board of directors and, where applicable, the members of the board of supervision or of the board of ethics and professional conduct;
(4) appoint an auditor, where this Act so requires;
(5) adopt the standards referred to in sections 369 and 371.
The founders of a financial services cooperative may, in addition, adopt any other by-law or take any other measure concerning its affairs.
The founders of a credit union must pass a resolution to ratify the membership of the credit union in the federation that has undertaken to admit it as a member.
2000, c. 29, s. 36; 2005, c. 35, s. 35, s. 36.