Cooperative Credit Associations Act (S.C. 1991, c. 48)

Act current to 2015-11-16 and last amended on 2015-06-23. Previous Versions

Withdrawal and Expulsion

Marginal note:Notice of withdrawal

 A member may withdraw from membership in an association by giving six months notice of its intention to the directors or such shorter notice as the directors may fix.

Marginal note:Expulsion
  •  (1) A member may be expelled from membership in an association by special resolution passed by the directors at a meeting called for that purpose.

  • Marginal note:Conditions for resolution

    (2) A special resolution passed under subsection (1) is not valid unless prior written notice is given to the member setting forth the grounds on which the association is seeking to expel it and an opportunity is given to the member to appear, by an agent or counsel, to make submissions at the meeting of the directors called to consider the resolution to expel it.

  • Marginal note:Effective date

    (3) A special resolution passed under subsection (1) takes effect on the date on which the member is notified of the resolution or, if later, the date specified in the resolution.

Marginal note:Where withdrawal or expulsion

 Where a member withdraws or is expelled pursuant to section 46 or 47, the association shall permit the withdrawal of the member’s deposits with the association and shall, in accordance with any by-law passed pursuant to subsection 67(4), redeem the membership shares held by the member, unless

  • (a) there are reasonable grounds for believing that the association is, or the payment to redeem the membership shares would cause the association to be, in contravention of any regulation referred to in 409(1) and (2) or any direction referred to in 409(3); or

  • (b) subject to paragraph 79(1)(b), the redemption of the membership shares has not been approved by the Superintendent.

Members Register

Marginal note:Members register
  •  (1) An association shall maintain a members register in which it shall record

    • (a) the names, alphabetically arranged, and latest known addresses of the members and former members of the association;

    • (b) the number of membership shares held by each member; and

    • (c) the date and particulars of the issue and transfer of each membership share.

  • Marginal note:Former-Act and amalgamated associations

    (2) For the purposes of subsection (1), “members register” includes similar registers required by law to be maintained by the former-Act association, or by a body corporate amalgamated and continued as an association under this Act, before the coming into force of this section or the amalgamation, as the case may be.

  • Marginal note:Application of certain provisions

    (3) Subsection 236(4) and sections 240 to 242 and 246 to 249 apply, with such modifications as the circumstances require, in respect of a members register.