40.35. The Authority acting alone may found a financial services cooperative that is to be a bridge institution. If the cooperative is a credit union, it is not required to be a member of a federation.
As and when the cooperative that is the bridge institution assumes liabilities in relation to deposits of money, the depositors concerned become members of that cooperative by operation of law.
Sections 7, 8, 11 to 15, 33 to 37, 186 to 190, 195 and 286 of the Act respecting financial services cooperatives (chapter C-67.3) do not apply to a cooperative that is a bridge institution.