Cooperative Credit Associations Act

Marginal note:Holding membership shares

• 67 (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 membership 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.