Cooperative Credit Associations Act

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) ten 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.