Marginal note:By-laws — mandatory provisions
192.01 (1) The by-laws of a federal credit union must provide for
(a) the qualifications of members and the procedures for acceptance of members;
(b) the membership obligations of members, including any obligation to use the services of the federal credit union and any fees to be paid by members;
(c) the rights of joint members, if any;
(d) the fact that a delegate has only one vote even though the delegate is a member or represents more than one member;
(e) the limit, if any, on the number of membership shares;
(f) the selection, qualifications, term of office and removal of directors and members of committees of directors;
(g) the manner of distribution of any surplus earnings arising from the operations of the federal credit union;
(h) the rights of withdrawing members and members who are expelled;
(i) if the federal credit union wishes to permit members or shareholders to attend a meeting of the federal credit union by means of a communication facility referred to in subsection 136(2), the ways in which votes must be held; and
(j) the date on which the federal credit union’s financial year ends.
Marginal note:By-laws — other provisions
(2) The by-laws of a federal credit union may provide for any other matter that the members consider necessary or desirable, including
(a) restrictions on the classes of persons to which membership may be available, as long as the restrictions are consistent with applicable laws with respect to human rights;
(b) the representation of members by delegates;
(c) the distribution of patronage allocations;
(d) the manner of distribution of any remaining property on the voluntary liquidation and dissolution of the federal credit union;
(e) a formula for calculating the value of membership shares;
(f) a formula for calculating the redemption price of membership shares; and
(g) voting by mail.
Marginal note:Selection and removal of delegates
(3) If the by-laws of a federal credit union provide for the representation of members by delegates, the by-laws must set out procedures for their selection and removal.
- 2010, c. 12, s. 1986.
192.02 (1) Each member and shareholder of a federal credit union may on request, not more than once in each calendar year, receive free of charge one copy of the letters patent and by-laws of the federal credit union, and one copy of any amendments to them.
(2) The federal credit union must provide each creditor, and, if the federal credit union is a distributing federal credit union, any other person, on payment of a reasonable fee, with a copy of the federal credit union’s letters patent and by-laws.
- 2010, c. 12, s. 1986.
- Date modified: