Canadian Payments Act (R.S.C., 1985, c. C-21)

Marginal note:Directors to prepare operating budget

• 22. (1) The Board shall cause an operating budget to be prepared in respect of each period consisting of a fiscal year and the four months following the fiscal year and shall submit the budget to the members for consideration at the annual meeting of members.

• Marginal note:Voting on budget

  (2) Where the operating budget referred to in subsection (1) is submitted to the members at an annual meeting, every member is entitled, on a resolution to approve or amend the budget or any part thereof, to one vote for each dollar that the member is required to contribute as dues under the by-laws.

• Marginal note:Variation in budget

  (3) The members may, when approving the operating budget referred to in subsection (1), authorize the Board to make, subject to any terms that the members set out in the resolution approving the budget, minor variations in the operating budget.

Marginal note:Directors to prepare capital budget

• 23. (1) The Board shall cause a budget setting out proposed capital expenditures of the Association to be prepared and submitted to members for consideration at each annual meeting of members.

• Marginal note:Voting on budget

  (2) Where the capital budget referred to in subsection (1) is submitted to the members at an annual meeting, every member is entitled, on a resolution to approve or amend the budget or any part thereof, to one vote for each dollar that the member is required to contribute as dues under the by-laws.

• Marginal note:Variation in budget

  (3) The members may, when approving the capital budget referred to in subsection (1), authorize the Board to make, subject to any terms that the members set out in the resolution approving the budget, minor variations in the capital budget.

Marginal note:Quorum

24. At a meeting of members, for the purpose of appointing an auditor, considering a by-law establishing a penalty or considering an operating budget or capital budget, the members present or deemed by subsection 13(2) to be present, in person or by proxy, constitute a quorum if, together, they are required to contribute as dues under the by-laws in respect of the fiscal year in which the meeting takes place, more than fifty per cent of the aggregate amount so required to be contributed in respect of that year.

Marginal note:Annual meeting

• 25. (1) The Board shall call an annual meeting of members not later than three months after the end of each fiscal year of the Association for the purpose of

  • (a) receiving the financial statements of the Association for the preceding fiscal year and the report of the auditor thereon;

  • (b) electing directors;

  • (c) considering and approving, with such changes as the members consider necessary, the operating budget submitted by the Board pursuant to subsection 22(1);

  • (d) considering and approving, with such changes as the members consider necessary, the capital budget submitted by the Board pursuant to subsection 23(1); and

  • (e) considering any other matter respecting the operations of the Association.

• Marginal note:Proxies

  (2) A member entitled to vote at a meeting of members may, by means of a proxy, appoint a proxyholder or one or more alternate proxyholders to attend and act at the meeting in the manner and to the extent authorized by the proxy and within the authority conferred by the proxy.