Bank Act (S.C. 1991, c. 46)

Marginal note:Redemption

47.08 No by-law governing the withdrawal of a member from membership or the termination of the membership of a member may authorize a redemption of membership shares in contravention of section 485.

Marginal note:Termination by members

47.09 Unless the by-laws provide otherwise, the membership of a member may be terminated by a special resolution of the members. Section 47.06 applies, with any modifications that the circumstances require, to a termination by the members.

Marginal note:Winding-up proceedings in respect of member

47.1 Despite subsection 47.06(1), a federal credit union may, by written notice to a member, terminate the membership if the member is a body corporate and winding-up proceedings have commenced with respect to it.

Marginal note:Prohibition

47.11 An entity must not become a member of a federal credit union if, as a result of becoming a member, the majority of the members of the federal credit union would not be natural persons.

Marginal note:Provision of services

47.12 A federal credit union must provide its services primarily to its members.

Marginal note:Right to vote

47.13 Each member of a federal credit union has only one vote on all matters to be decided by the members.

Marginal note:Members under 18

47.14 Subject to the by-laws, a person less than 18 years of age may be admitted to membership in a federal credit union and may vote at meetings of the federal credit union.

Marginal note:Membership not transferable

47.15 No transfer of a membership is valid for any purpose.

Marginal note:Reinstatement — section 47.06

• 47.16 (1) A person whose membership has been terminated under section 47.06 may be reinstated as a member of the federal credit union only by ordinary resolution of the members.

• Marginal note:Reinstatement — section 47.09

  (2) A person whose membership has been terminated under section 47.09 may be reinstated as a member of the federal credit union only by special resolution of the members.