C-4.1 - Savings and Credit Unions Act

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2. Credit unions are cooperatives operating according to the following rules of cooperative action:
(1)  the number of members is not limited;
(2)  no member is entitled to more than one vote, regardless of the number of shares held by him;
(3)  no member may vote by proxy;
(4)  the payment of interest on the capital is limited;
(5)  a general reserve must be set up and the amounts paid into it cannot be distributed to the members, even in the event of a winding-up or dissolution;
(6)  surplus earnings are allocated in accordance with this Act.
1988, c. 64, s. 2.