41. (1) Only a person that is an association, a central cooperative credit society, a local cooperative credit society, a cooperative corporation, a league, a deposit protection agency or an unincorporated organization consisting wholly of any of those entities may be admitted to membership in an association.
Marginal note:Condition for membership
(2) No person shall be admitted to membership in an association until the person’s application for membership has been approved by the directors and the person has complied fully with any by-law governing admission of members.
(3) [Repealed, 2001, c. 9, s. 264]
(4) [Repealed, 1994, c. 47, s. 50]
Marginal note:Membership not transferable
(5) No transfer of a membership is valid for any purpose.
- 1991, c. 48, s. 41;
- 1994, c. 47, s. 50;
- 2001, c. 9, ss. 263, 264.
Marginal note:Right to vote
42. (1) Subject to subsection (2) and the by-laws, each member of an association shall have one vote on all matters to be decided by the members.
(2) The members of an association may, by by-law, provide that the voting rights of a member shall be vested in one or more delegates to be elected or appointed by the member in such manner as may be provided for in the by-laws, and the delegates so elected or appointed may exercise all or any of those rights.
(3) Where, in this Act, reference is made to a meeting of members of an association and the association has passed a by-law under subsection (2), a reference in this Act to a meeting of members shall be construed as a reference to a meeting of delegates.
Marginal note:Classes of members
43. The members of an association may, by by-law, establish one or more classes of members, and such a by-law may provide for such matters as are necessary, including
(a) the qualifications for and the terms and conditions applying to membership in each such class;
(b) the number of delegates to represent each class and the manner of electing or appointing such delegates; and
(c) the election, appointment or removal of its directors by the members or delegates of particular classes.
Marginal note:Transfer of membership shares
44. No transfer of membership shares in an association is valid unless the transfer is approved by resolution of the directors.
Marginal note:By-laws binding
45. Subject to this Act, every by-law of an association binds the association and its members to the same extent as if
(a) each member had duly approved the by-law; and
(b) there were in the by-law a covenant under seal on the part of each member, and the successors and assigns of the member, to conform thereto.
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