Bank Act (S.C. 1991, c. 46)

Marginal note:By-laws — mandatory provisions

• 192.01 (1) The by-laws of a federal credit union must provide for

  • (a) the qualifications of members and the procedures for acceptance of members;

  • (b) the membership obligations of members, including any obligation to use the services of the federal credit union and any fees to be paid by members;

  • (c) the rights of joint members, if any;

  • (d) the fact that a delegate has only one vote even though the delegate is a member or represents more than one member;

  • (e) the limit, if any, on the number of membership shares;

  • (f) the selection, qualifications, term of office and removal of directors and members of committees of directors;

  • (g) the manner of distribution of any surplus earnings arising from the operations of the federal credit union;

  • (h) the rights of withdrawing members and members who are expelled;

  • (i) if the federal credit union wishes to permit members or shareholders to attend a meeting of the federal credit union by means of a communication facility referred to in subsection 136(2), the ways in which votes must be held; and

  • (j) the date on which the federal credit union’s financial year ends.

• Marginal note:By-laws — other provisions

  (2) The by-laws of a federal credit union may provide for any other matter that the members consider necessary or desirable, including

  • (a) restrictions on the classes of persons to which membership may be available, as long as the restrictions are consistent with applicable laws with respect to human rights;

  • (b) the representation of members by delegates;

  • (c) the distribution of patronage allocations;

  • (d) the manner of distribution of any remaining property on the voluntary liquidation and dissolution of the federal credit union;

  • (e) a formula for calculating the value of membership shares;

  • (f) a formula for calculating the redemption price of membership shares; and

  • (g) voting by mail.

• Marginal note:Selection and removal of delegates

  (3) If the by-laws of a federal credit union provide for the representation of members by delegates, the by-laws must set out procedures for their selection and removal.

Marginal note:Copies

• 192.02 (1) Each member and shareholder of a federal credit union may on request, not more than once in each calendar year, receive free of charge one copy of the letters patent and by-laws of the federal credit union, and one copy of any amendments to them.

• Marginal note:Copies

  (2) The federal credit union must provide each creditor, and, if the federal credit union is a distributing federal credit union, any other person, on payment of a reasonable fee, with a copy of the federal credit union’s letters patent and by-laws.