C-67.3 - Act respecting financial services cooperatives

Section 714 Disposition versions

2001-07-01

714. The cooperative shares issued under the Savings and Credit Unions Act (chapter C‐4) by a credit union, federation or confederation, other than those cancelled in the context of the amalgamation under section 689, shall remain cooperative shares to which the provisions of that Act apply, as regards redemption and the payment of interest on the sums paid for those shares. The interest determined as interest payable on the shares before 1 July 2001 shall remain payable.

However, a federation may, by by-law, without prejudice to the rights and privileges of the holders, convert such cooperative shares into capital shares or investment shares to which this Act applies.

For the purposes of a winding-up or dissolution, according to the provisions of this Act, cooperative shares rank equally with qualifying shares.

2000, c. 29, s. 714.