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C-67.3 - Act respecting financial services cooperatives

Section 547.10
Disposition versions

Full text
547.10. The Federation and, if the by-laws of the Group so provide, a member credit union of the Federation, may issue any security which is not a share of its capital stock or share capital and the characteristics of which are designed to maintain adequate capital to ensure the sustainability of the Group.
Provided that the terms of such a security so provide, interest will be payable on it at the sole discretion of the Federation, despite article 1500 of the Civil Code. The rules relating to the interest payable on capital shares set out in sections 62, 62.1, 63, 63.1, 84, 85, 90 and 325 apply, with the necessary modifications, to the interest payable on the security.
2018, c. 23, s. 315.
547.10. The Federation and, if the by-laws of the Group so provide, a member credit union of the Federation, may issue any security which is not a share of its capital stock or share capital and the characteristics of which are designed to maintain adequate capital to ensure the sustainability of the Group.
Provided that the terms of such a security so provide, interest will be payable on it at the sole discretion of the Federation, despite article 1500 of the Civil Code. The rules relating to the interest payable on capital shares set out in sections 62, 62.1, 63, 63.1, 84, 85, 90 and 325 apply, with the necessary modifications, to the interest payable on the security.
2018, c. 23, s. 315.
See special transitional provisions, S.Q. 2018, c. 23, s. 338.
Not in force
547.10. The Federation and, if the by-laws of the Group so provide, a member credit union of the Federation, may issue any security which is not a share of its capital stock or share capital and the characteristics of which are designed to maintain adequate capital to ensure the sustainability of the Group.
Provided that the terms of such a security so provide, interest will be payable on it at the sole discretion of the Federation, despite article 1500 of the Civil Code. The rules relating to the interest payable on capital shares set out in sections 62, 62.1, 63, 63.1, 84, 85, 90 and 325 apply, with the necessary modifications, to the interest payable on the security.
2018, c. 23, s. 315.
See special transitional provisions, S.Q. 2018, c. 23, s. 338.
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