Cooperative Credit Associations Act

Marginal note:Acting in concert — members’ rights to vote

• 10 (1) For the purposes of section 52, where two or more members have agreed, pursuant to any agreement, commitment or understanding, whether formal or informal, verbal or written, to act jointly or in concert in respect of the exercise of any right to vote at a meeting of members, those members shall be deemed to be a single member.

• Marginal note:Exception

  (2) For the purposes of this section, members shall be presumed not to have agreed to act jointly or in concert solely by reason of the fact that

  • (a) their membership voting rights are vested in the same delegate or delegates; or

  • (b) they exercise their membership voting rights in the same manner.

• Marginal note:Designation

  (3) Where in the opinion of the Superintendent it is reasonable to conclude that an agreement, commitment or understanding referred to in subsection (1) exists by or among two or more members, the Superintendent may designate those members as members who have agreed to act jointly or in concert.

• Marginal note:Contravention

  (4) A member contravenes section 52 if the member agrees to act jointly or in concert with one or more other members in such a manner that a deemed single member contravenes that section.