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Cooperative Credit Associations Act

Version of section 67 from 2003-01-01 to 2007-04-19:


Marginal note:Holding membership shares

  •  (1) Members shall hold the minimum number of membership shares prescribed by the by-laws.

  • Marginal note:Rights

    (2) The membership shares of an association confer on the holders thereof equal rights, including equal rights to

    • (a) receive dividends declared on the shares; and

    • (b) receive the remaining property of the association on dissolution.

  • Marginal note:Designation of shares

    (3) No association shall designate a class of its shares as “membership shares” or any variation thereof.

  • Marginal note:Redemption

    (4) The by-laws of an association shall set the terms and conditions under which membership shares may be redeemed, including the manner and time of payment for the redeemed membership shares.

  • Marginal note:Certificates not mandatory

    (5) The by-laws of an association may provide that no membership share certificates need be issued but if this is the case, the association shall issue to each member who so requests, a statement of the number of membership shares held by the member.

  • Marginal note:Certificates

    (6) If an association issues membership share certificates, there shall be stated on the face of each certificate for a membership share issued by the association after the coming into force of this section

    • (a) the name of the association;

    • (b) a statement that the association is subject to the Cooperative Credit Associations Act;

    • (c) the name of the person to whom it is issued;

    • (d) a statement that the certificate represents membership shares in the association, and the number of such membership shares;

    • (e) a statement that the certificate is not transferable without the approval of the Board of Directors of the association; and

    • (f) that there may be a lien on the membership shares represented by the certificate in favour of the association for indebtedness to the association.


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