Marginal note:Minimum membership
50. (1) The membership in an association must include at least
(a) an association;
(b) two central cooperative credit societies not all of which are incorporated under the laws of one province;
(c) two local cooperative credit societies not all of which are incorporated under the laws of one province; or
(d) two or more leagues not all of which are incorporated under the laws of one province.
Marginal note:Where minimum not attained
(2) If, at any time, the membership in an association is not in accordance with subsection (1), the association shall without delay take the steps that are necessary to
(a) apply for a certificate of continuation or letters patent referred to in subsection 32(1); or
(b) liquidate and dissolve the association under Part VII.
- 1991, c. 48, s. 50;
- 1998, c. 1, s. 384;
- 2001, c. 9, s. 265;
- 2007, c. 6, s. 144.
51. Unless the by-laws otherwise provide, where a member is indebted to an association, the association has a lien to the extent of the debt on the membership shares and deposits recorded in the name of, and any dividends payable to, the member.
Marginal note:No control
52. No person other than an association may control an association.
- 1991, c. 48, s. 52;
- 2001, c. 9, s. 266.
ORGANIZATION AND COMMENCEMENT
Marginal note:First directors’ meeting
53. (1) After letters patent incorporating an association are issued, a meeting of the directors of the association shall be held at which the directors may, subject to this Part,
(a) adopt forms of certificates for membership shares and shares and of corporate records;
(b) authorize the issue of membership shares of the association;
(c) admit persons to membership in the association;
(d) appoint officers;
(e) make banking arrangements; and
(f) deal with any other matters necessary to organize the association.
Marginal note:Calling directors’ meeting
(2) An incorporator or a director named in the application for letters patent may call the meeting referred to in subsection (1) by giving, subject to subsection 186(2), no fewer than five days notice of the purpose, time and place of the meeting to each director of the association.
Marginal note:Calling members’ meeting
54. (1) After the meeting referred to in subsection 53(1), the directors of the association shall forthwith call a meeting of the members of the association.
Marginal note:Meeting of members
(2) The members of an association shall, at the meeting called pursuant to subsection (1),
(a) make by-laws;
(b) elect or appoint directors to hold office for a term expiring not later than the close of the third annual meeting of the association following the election; and
(c) appoint an auditor to hold office until the close of the first annual meeting of the association.
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