Canadian Payments Act
Marginal note:Directors to prepare capital budget
23 (1) The Board shall cause a budget setting out proposed capital expenditures of the Association to be prepared and submitted to members for consideration at each annual meeting of members.
Marginal note:Voting on budget
(2) Where the capital budget referred to in subsection (1) is submitted to the members at an annual meeting, every member is entitled, on a resolution to approve or amend the budget or any part thereof, to one vote for each dollar that the member is required to contribute as dues under the by-laws.
Marginal note:Variation in budget
(3) The members may, when approving the capital budget referred to in subsection (1), authorize the Board to make, subject to any terms that the members set out in the resolution approving the budget, minor variations in the capital budget.
- 1980-81-82-83, c. 40, s. 77
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