Marginal note:Prepayment protected
542.12 (1) A society shall not make a loan to a natural person if the loan would be repayable in Canada and the terms would prohibit prepayment of the money advanced or any instalment of that money before its due date.
Marginal note:Non-application of subsection (1)
(2) Subsection (1) does not apply in respect of a loan
(a) that is secured by a mortgage on real property; or
(b) that is made for business purposes and the principal amount of which is more than $100,000 or such other amount as may be prescribed.
- 1997, c. 15, s. 285.
Marginal note:Majority to reside in Canada
543. A majority of the members of the supreme governing body of every society shall at the time of their election or appointment be individuals who are resident in Canada.
Marginal note:Head office
544. (1) A society shall at all times have a head office in the province specified in its incorporating instrument or by-laws.
Marginal note:Change of head office — different province
(2) Despite anything contained in its incorporating instrument, any society may, by by-law passed and approved by the votes of at least two thirds of the members entitled to vote by the by-laws of the society who are present or represented at a special meeting duly called for considering the by-law, change the head office of the society from one province to another.
Marginal note:Change of head office — within a province
(2.1) The supreme governing body of a society may, by resolution passed and approved by at least two thirds of the votes cast at a meeting, change the address of the head office within the province specified in the society’s by-laws.
Marginal note:Notice of change of address
(2.2) If there is a change of address of the head office of a society, the society shall send a notice of the change to the Superintendent within fifteen days after the change.
Marginal note:Maximum period
(3) A society shall establish by by-law the maximum period of time within which meetings of the society shall be held.
- 1991, c. 47, s. 544;
- 1997, c. 15, s. 286;
- 2005, c. 54, s. 298.
Marginal note:Change of name
544.1 (1) Despite anything contained in its incorporating instrument, a society may, by by-law passed and approved by the votes of at least two thirds of the members entitled to vote by the by-laws of the society who are present or represented at a special meeting duly called for considering the by-law, change the name of the society.
Marginal note:Effective date
(2) A by-law referred to in subsection (1) is not effective until the Superintendent approves it.
- 2001, c. 9, s. 436.
- Date modified: