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C-4 - Savings and Credit Unions Act

Section 4
Disposition versions

Full text
4. Such unions shall be cooperatives which shall operate in accordance with the following rules:
(a)  the number of members shall not be limited;
(b)  a member shall have one vote only, whatever the number of shares that he holds, and he cannot vote by proxy;
(c)  interest on shares shall be limited;
(d)  the annual operating surplus is divided in conformity with Division XVII.
R. S. 1964, c. 293, s. 4; 1970, c. 59, s. 3; 1978, c. 85, s. 2.
4. Such unions shall be cooperatives which shall operate in accordance with the following rules:
(a)  the number of members shall not be limited;
(b)  a member shall have one vote only, whatever the number of shares that he holds, and he cannot vote by proxy;
(c)  interest on shares shall be limited;
(d)  the annual operating surplus shall be paid into the general reserve or a reserve contemplated in section 88 or distributed or credited to depositors or borrowers proportionately to the business transacted by each with the union.
R. S. 1964, c. 293, s. 4; 1970, c. 59, s. 3.
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