C-4 - Savings and Credit Unions Act

Section 88 Disposition versions

1978-06-23

88. The union may, by by-law, order the establishment of a fund which is to be used for social or community purposes.

Not more than 10% of the amount allocated to rebates may be paid into this fund; the sums constituting the fund must be used by the board of directors within 3 years after their allocation to the fund, failing which they must be paid into the general reserve.

In the case of the winding-up or dissolution of the union, the balance of this fund is paid into the general reserve.

1970, c. 59, s. 30; 1978, c. 85, s. 21.

1977-12-31

88. The union may order, by by-law, the establishment, out of such annual operating surplus as must not, under section 87, form part of the general reserve, of other reserves under such names as it may choose, determine the amount and the mode of formation thereof, their object and the conditions required to alter the proportion of the annual operating surplus to be posted to them.

Such reserves shall not be divided among the members in whole or in part.

1970, c. 59, s. 30.