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C-4.1 - Savings and Credit Unions Act

Section 581
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581. Shares (parts sociales) issued by a credit union, federation or confederation, other than qualifying shares, remain shares to which the provisions of the Savings and Credit Unions Act (chapter C-4) that pertain to their repayment and to the payment of interest on the amounts paid for these shares shall apply. Interest which has been determined on these shares before 15 March 1989 shall remain payable.
However, a federation may, by by-law, convert such shares into preferred shares which, as such, are subject to the provisions of this Act.
1988, c. 64, s. 581.
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