Cooperative Credit Associations Act

Marginal note:Fixing record date

• 145 (1) For the purpose of determining shareholders

  • (a) entitled to receive payment of a dividend, or

  • (b) for any other purpose except the right to receive notice of, or to vote at, a meeting,

  the directors may fix in advance a date as the record date for the determination of shareholders, but the record date so fixed shall not precede by more than fifty days the particular action to be taken.

• Marginal note:Record date for meetings

  (2) For the purpose of determining shareholders entitled to receive notice of a meeting, the directors may fix in advance a date as the record date for the determination of shareholders, but the record date so fixed shall not precede by more than fifty days or by less than twenty-one days the date on which the meeting is to be held.

• Marginal note:No record date fixed

  (3) If no record date is fixed pursuant to subsection (1) or (2),

  • (a) the record date for the determination of shareholders for any purpose, other than to establish a shareholder’s right to receive notice of a meeting or to vote, is the day on which the directors pass the resolution relating to the particular purpose; and

  • (b) the record date for the determination of shareholders entitled to receive notice of, or to vote at, a meeting is

    • (i) the day immediately preceding the day on which the notice is given, or

    • (ii) if no notice is given, the day on which the meeting is held.

• Marginal note:When record date fixed

  (4) When a record date is fixed for an association, unless notice of the record date is waived in writing by every holder of a share of the class or series affected whose name is set out in the central securities register at the close of business on the date the directors fix the record date, notice thereof shall, not less than seven days before the record date, be given

  • (a) by advertisement in a newspaper in general circulation in the place where the head office of the association is situated and in each place in Canada where the association has a transfer agent or where a transfer of the association’s shares may be recorded; and

  • (b) by written notice to each stock exchange, if any, in Canada on which the shares of the association are listed for trading.