46. Notwithstanding section 45, shares other than qualifying shares may be issued(1) to a fund established by by-law of the cooperative for the purpose of holding shares for the benefit of its members;
(2) to a security fund belonging to the group;
(3) to a legal person referred to in section 480;
(4) to a member of a credit union that is a member of the federation issuing the shares;
(5) to a federation of which the credit union issuing the shares is a member.
Where a federation apportions all or part of the proceeds of an issue of shares referred to in subparagraph 4 of the first paragraph among member credit unions, section 481 applies with the necessary modifications.
2000, c. 29, s. 46; 2009, c. 27, s. 1.