C-4.1 - Savings and Credit Unions Act

Section 55 Disposition versions

1997-02-15

55. Two or more credit unions may amalgamate. The amalgamating credit unions shall prepare an amalgamation agreement, in duplicate, setting out

(1)  the name of the amalgamated credit union, the judicial district of its head office, the territory in or group from which it may recruit its members and, where that is the case, the name of the federation with which it will be affiliated;

(2)  the name, address and occupation of each of the first members of the board of directors and of the board of audit and ethics;

(3)  the mode of election of subsequent members of the board of directors and of the board of audit and ethics;

(4)  the number of issued shares in each of the amalgamating credit unions, the price of each share and the manner of converting them into shares of the amalgamated credit union;

(5)  the conditions and restrictions, if any, concerning the exercise of certain powers or the pursuit of certain activities;

(6)  the consent of the federation that has undertaken to admit the amalgamated credit union as a member, where that is the case;

Not in force

(6.1)  the consent to the amalgamation given by La Confédération des caisses populaires et d’économie Desjardins du Québec where the federation that has undertaken to admit the amalgamated credit union as a member is affiliated with that confederation, and, where section 22 applies, the confederation’s consent to the proposed name.

The agreement may also set out any other provision relating to the organization and management of the amalgamated credit union.

1988, c. 64, s. 55; 1996, c. 69, s. 17, s. 176, s. 178.

1989-03-15

55. Two or more credit unions may amalgamate. The amalgamating credit unions shall prepare an amalgamation agreement, in duplicate, setting out

(1)  the corporate name of the amalgamated credit union, the judicial district of its head office, the territory in or group from which it may recruit its members and, where that is the case, the corporate name of the federation with which it will be affiliated;

(2)  the surname, given name, address and occupation of each of the first members of the board of directors, of the board of supervision and of the credit committee;

(3)  the mode of election of subsequent members of the board of directors, of the board of supervision and of the credit committee;

(4)  the number of issued shares in each of the amalgamating credit unions, the price of each share and the manner of converting them into shares of the amalgamated credit union;

(5)  the conditions and restrictions, if any, concerning the exercise of certain powers or the pursuit of certain activities;

(6)  the consent of the federation that has undertaken to admit the amalgamated credit union as a member, where that is the case;

(7)  such other provisions as are necessary to complete the amalgamation and to provide for the organization and management of the amalgamated credit union.

1988, c. 64, s. 55.