c-67.3 - Act respecting financial services cooperatives

Updated to 16 June 2000

This document has official status.

chapter C-67.3

Act respecting financial services cooperatives

2000, c. 29.

Not in force

55.1. (Not in force).

2009, c. 27, s. 2.

DIVISION IV AMALGAMATION

Not in force

599.1. (Not in force).

2009, c. 27, s. 8.

CHAPTER XVIII TRANSITIONAL AND FINAL PROVISIONS

2000, c. 29, s. 684.

684. The constitution or amalgamation of credit unions under the Savings and Credit Unions Act (chapter C‐4.1), the Savings and Credit Unions Act (chapter C‐4), the Savings and Credit Unions Act (Revised Statutes, 1964, chapter 293) and the Savings and Credit Unions Act (1963, 1st session, chapter 57) and the amendments thereto may not be invalidated on the ground that the credit unions recruit their members within a territory, within a group or within a territory and a group.

This section is declaratory.

2000, c. 29, s. 684.

694. La Confédération des caisses populaires et d’économie Desjardins du Québec may, by by-law, establish the number and the mode of election or appointment of the first directors and first members of the board of ethics of the Fédération des caisses Desjardins du Québec. The election or appointment must take place before the date of the amalgamation referred to in section 689.

2000, c. 29, s. 694.

699. The first by-laws and first standards of the Fédération des caisses Desjardins du Québec shall be those passed or adopted for it by the board of directors of La Confédération des caisses populaires et d’économie Desjardins du Québec before the date of the amalgamation referred to in section 689.

2000, c. 29, s. 699.

702. La Confédération des caisses populaires et d’économie Desjardins du Québec shall by by-law, before 1 July 2001,

(1)  determine the capital stock of the Fédération des caisses Desjardins du Québec;

(2)  provide for the cancellation, without repayment of capital, of the shares of La Confédération des caisses populaires et d’économie Desjardins du Québec or their conversion into shares of the Fédération des caisses Desjardins du Québec; and

(3)  provide for the cancellation, without repayment of capital, of the shares of the amalgamating federations or their conversion into shares of the Fédération des caisses Desjardins du Québec.

The Confédération may also, in the by-law, provide for the reimbursement, subdivision or exchange of all or part of the investment deposits with, into or for capital shares in relation to an investment fund.

2000, c. 29, s. 702.

703. After the adoption of a by-law under section 702, La Confédération des caisses populaires et d’économie Desjardins du Québec shall draft the articles of constitution of the federation to result from the amalgamation under section 689 containing, in addition to the provisions that may be included in articles of constitution pursuant to this Act, the provisions of that by-law.

La Confédération des caisses populaires et d’économie Desjardins du Québec shall forward the articles to the Inspector General. The Inspector General shall deposit a copy of the articles in the register instituted under the Act respecting the legal publicity of sole proprietorships, partnerships and legal persons (chapter P‐45). The Inspector General shall also deposit in the register a copy of the certificate attesting the constitution of the Fédération des caisses Desjardins du Québec, that shall take effect from 1 July 2001.

2000, c. 29, s. 703.

In force: 2001-07-01

712. The qualifying shares issued by a credit union, a federation or a confederation before 1 July 2001, other than those cancelled in the context of the amalgamation under section 689, are deemed to be qualifying shares issued by a credit union or a federation in accordance with the provisions of this Act.

Notwithstanding section 53, qualifying shares issued before 16 June 2000 may be reimbursed by a federation that is included in the amalgamation under section 689.

2000, c. 29, s. 712.

718. La Confédération des caisses populaires et d’économie Desjardins du Québec may exercise, from 16 June 2000, at the request of a federation and with regard to the credit unions affiliated with that federation, the powers determined by the federation that it holds under the Savings and Credit Unions Act (chapter C‐4.1).

2000, c. 29, s. 718.

724. The Government may, by regulation, prescribe any other transitional provisions or other measures required for the purposes of this Act.

Such a regulation made before 1 July 2001 may prescribe that a provision of this Act applies to a credit union, a federation or a confederation governed by the Savings and Credit Unions Act (chapter C‐4.1) and may determine necessary modifications for that purpose.

A regulation made under this section comes into force on the date of its publication in the Gazette officielle du Québec or on any later date fixed therein. The regulation may also, once published and where it so provides, apply from any date not prior to 16 June 2000.

2000, c. 29, s. 724.

729. The Savings and Credit Unions Act (chapter C‐4.1) is replaced by this Act, to the extent indicated in the orders made under section 731, except for the purposes of the Act respecting the caisses d’entraide économique (chapter C‐3), the Act respecting certain caisses d’entraide économique (chapter C‐3.1), the Act respecting the sociétés d’entraide économique (chapter S‐25.1) and the Act to replace the Act respecting La Confédération des caisses populaires et d’économie Desjardins du Québec (1989, chapter 113).

2000, c. 29, s. 729.

731. (Omitted).

2000, c. 29, s. 731.