C-67.3 - Act respecting financial services cooperatives

Section 54 Disposition versions

2018-07-13

54. In this Act, unless the context indicates otherwise,

“capital share” means a share on which interest and, if applicable, additional interest are payable at the discretion of a financial services cooperative or, in the case of shares issued by a credit union that is a member of a federation, at the discretion of the federation;

“investment share” means a share which, according to its terms, entails the obligation to pay such interest as is determined by the financial services cooperative.

For the purposes of the acquisition and holding by the Caisse de dépôt et placement du Québec of bonds or other debt obligations issued by the Fédération des caisses Desjardins du Québec, the capital shares of the federation and of its members, except auxiliary members, are deemed to be common shares for the purposes of the Act respecting the Caisse de dépôt et placement du Québec (chapter C-2).

The permanent shares issued by a credit union before 1 July 2001, converted into capital shares of a class carrying the same rights, privileges, conditions and restrictions as those attached to those permanent shares and deemed to be issued in accordance with this Act under section 66 of the Act respecting the Mouvement Desjardins (2000, chapter 77), as it read at the time of its repeal on 13 July 2018, may be designated by the name “permanent shares”.

2000, c. 29, s. 54; 2018, c. 23, s. 56.

2001-07-01

54. In this division, unless otherwise indicated by context,

(1)  “capital share” means a share on which interest is payable at the discretion of the financial services cooperative;

(2)  “investment share” means a share on which such interest as is determined by the board of directors is payable.

2000, c. 29, s. 54.