Consolidated Statutes and Regulations Consolidated Statutes Consolidated Regulations Annual Statutes and Regulations Annual Statutes Annual Regulations Additional information Québec Official Publisher What’s new? Information note Policy of the Minister of Justice Laws: Amendments Laws: Provisions not in force Laws: Provisions brought into force Annual Statutes: PDF versions since 1996 Regulations: Amendments Annual Regulations: PDF versions since 1996 Court Decisions

C-67.3 - Act respecting financial services cooperatives

Section 84
Disposition versions

Full text
84. The annual surplus earnings of a financial services cooperative shall be allocated to the following purposes:
(1)  establishing and maintaining the reserve established under section 87;
(2)  establishing and maintaining the general reserve;
(3)  in the case of a federation or a member credit union of the federation, paying interest on capital shares;
(3.1)  in the case of a credit union that is not a member of a federation, paying additional interest on capital shares;
(4)  establishing and maintaining a stabilization reserve;
(4.1)  establishing and maintaining a reserve for future dividends;
(5)  allotting dividends to persons and partnerships that were members of the cooperative, including auxiliary members, during the fiscal year;
(6)  where the cooperative is a credit union, establishing and maintaining a community development fund in accordance with the terms and conditions, if any, established by the credit union.
Surplus earnings shall be allocated by the general meeting, at the annual meeting, after the members have considered the recommendations of the board of directors and taking into account the operating results for the preceding fiscal year.
However, in the case of a federation or a member credit union of the federation, the allocation of surplus earnings to the payment of interest on capital shares is a matter under the jurisdiction of the federation’s board of directors. In addition, the allocation of the surplus earnings of a credit union must also be consistent with the standards adopted by the federation.
A cooperative may call its surplus earnings “surpluses”.
2000, c. 29, s. 84; 2003, c. 20, s. 2; 2007, c. 18, s. 1; 2018, c. 23, s. 74.
84. The annual surplus earnings of a financial services cooperative shall be allocated to the following purposes:
(1)  establishing and maintaining the reserve established under section 87;
(2)  establishing and maintaining the general reserve;
(3)  paying additional interest on capital shares;
(4)  establishing and maintaining a stabilization reserve;
(4.1)  in the case of a credit union, establishing and maintaining a reserve for future dividends;
(5)  allotting dividends to persons and partnerships that were members of the cooperative during the fiscal year;
(6)  where the cooperative is a credit union, establishing and maintaining a community development fund in accordance with the terms and conditions, if any, established by the credit union.
Surplus earnings shall be allocated by the general meeting, at the annual meeting, after the members have considered the recommendations of the board of directors and taking into account the operating results for the preceding fiscal year.
The allocation of the surplus earnings of a credit union must also be consistent with the standards adopted by the federation.
A cooperative may call its surplus earnings “surpluses”.
2000, c. 29, s. 84; 2003, c. 20, s. 2; 2007, c. 18, s. 1.
84. The annual surplus earnings of a financial services cooperative shall be allocated to the following purposes:
(1)  establishing and maintaining the reserve established under section 87;
(2)  establishing and maintaining the general reserve;
(3)  paying additional interest on capital shares;
(4)  establishing and maintaining a stabilization reserve;
(4.1)  in the case of a credit union, establishing and maintaining a reserve for future dividends;
(5)  allotting dividends to members;
(6)  where the cooperative is a credit union, establishing and maintaining a community development fund in accordance with the terms and conditions, if any, established by the credit union.
Surplus earnings shall be allocated by the general meeting, at the annual meeting, after the members have considered the recommendations of the board of directors and taking into account the operating results for the preceding fiscal year.
The allocation of the surplus earnings of a credit union must also be consistent with the standards adopted by the federation.
A cooperative may call its surplus earnings “surpluses”.
2000, c. 29, s. 84; 2003, c. 20, s. 2.
84. The annual surplus earnings of a financial services cooperative shall be allocated to the following purposes:
(1)  establishing and maintaining the reserve established under section 87;
(2)  establishing and maintaining the general reserve;
(3)  paying additional interest on capital shares;
(4)  establishing and maintaining a stabilization reserve;
(5)  allotting dividends to members;
(6)  where the cooperative is a credit union, establishing and maintaining a community development fund in accordance with the terms and conditions, if any, established by the credit union.
Surplus earnings shall be allocated by the general meeting, at the annual meeting, after the members have considered the recommendations of the board of directors and taking into account the operating results for the preceding fiscal year.
The allocation of the surplus earnings of a credit union must also be consistent with the standards adopted by the federation.
A cooperative may call its surplus earnings “surpluses”.
2000, c. 29, s. 84.
© Gouvernement du Québec