Bank Act

Marginal note:Transferring to other federal Acts — federal credit union

• 39.2 (1) A federal credit union may

  • (a) apply, with the approval in writing of the Minister, under the Canada Cooperatives Act for a certificate of continuance, or a certificate of continuance and a certificate of amalgamation, as a cooperative under that Act; or

  • (b) apply under the Cooperative Credit Associations Act for letters patent continuing the federal credit union as an association under that Act or amalgamating and continuing the federal credit union as an association under that Act.

• Marginal note:Conditions for approval

  (2) The approval referred to in paragraph (1)(a) may be given only if the Minister is satisfied that

  • (a) the federal credit union has published, once a week for four consecutive weeks in the Canada Gazette and in a newspaper in general circulation at or near the place where its head office is situated, a notice of its intention to apply for the approval;

  • (b) the application has been authorized by a special resolution of the members and, if the federal credit union has issued shares, by a separate special resolution of the shareholders of each class of shares; and

  • (c) the federal credit union does not hold deposits.

• Marginal note:All shares have right to vote

  (3) For the purpose of paragraph (2)(b), each share carries the right to vote in respect of the special resolution, whether or not it otherwise carries the right to vote in respect of any other matter.

• Marginal note:Restriction on other transfers

  (4) A federal credit union may not apply to be continued, or to be amalgamated and continued, as the case may be, as a body corporate other than one referred to in subsection (1).