Boards of Trade Act (R.S.C., 1985, c. B-6)

Marginal note:Retirement of members

21. Any member of a corporation who intends to retire therefrom or to resign his membership may do so, at any time, on giving to the secretary of the corporation ten days notice in writing of his intention, and on discharging any lawful liability that is standing on the books of the corporation against him at the time of the notice.

Marginal note:By-laws and regulations

22. The majority of the members of a corporation present at any general meeting of the corporation may make by-laws and regulations for the government of the corporation providing for

• (a) the admission and subscriptions of members;

• (b) the imposition of penalties;

• (c) the expulsion or retirement of members;

• (d) the management of its council, officers and affairs;

• (e) the guidance of the board of arbitrators referred to in this Act;

• (f) the fixing of the date and place of the regular meetings of its council;

• (g) the powers to be exercised by its council; and

• (h) all other matters concerning the government of the corporation not inconsistent with this Act or any other law of Canada.

Marginal note:To be binding

23. By-laws made pursuant to section 22 are binding on all members of the corporation, its officers and employees, and all other persons lawfully under its control.

Marginal note:Notice to be given

24. No by-law shall be made by a corporation at any meeting of the corporation, without notice in writing thereof having been given by one member and seconded by another member at a previous meeting, and duly entered in the books of the corporation as a minute of the corporation.

Marginal note:Subscriptions and penalties

• 25. (1) The following sums, namely,

  • (a) all subscriptions of members due to the corporation, under any by-law,

  • (b) all penalties incurred under any by-law by any person bound thereby, and

  • (c) all other sums of money due to the corporation,

  shall be paid to the secretary thereof, and in default of payment are recoverable in an action brought in the name of the corporation.

• Marginal note:Procedure

  (2) It shall only be necessary, in any action under subsection (1), to allege that the person is indebted to the corporation in the sum of money, the amount of the subscription in arrears, penalty incurred or other sum due, whereby an action has accrued to the corporation by virtue of this Act.