I-13.2.2 - Deposit Institutions and Deposit Protection Act

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40.18. Unless otherwise provided in this Act, no legal person or organization of which a legal person belonging to the cooperative group is a member at the time the resolution operations are implemented may, for the reasons described in the first paragraph of section 40.17, withdraw the legal person’s membership or otherwise cause it to lose its membership or the rights it confers.
The provisions of a constituting act or of the by-laws of a legal person or organization of which the legal person belonging to the cooperative group is a member that are inconsistent with the provisions of the first paragraph and provisions which, for the reasons described in the first paragraph of section 40.17, cause the legal person to lose a right or create new obligations for the legal person are inoperative.
2018, c. 232018, c. 23, s. 376.