C-67.3 - Act respecting financial services cooperatives

Section 715 Disposition versions

2001-07-01

715. The preferred shares issued by a credit union, federation or confederation, other than those cancelled in the context of the amalgamation under section 689, shall remain preferred shares to which the provisions of the Savings and Credit Unions Act (chapter C‐4.1) apply. The rights, preferences, conditions and restrictions attached to those shares before 1 July 2001 are applicable.

However, a federation or a credit union may, by by-law, without prejudice to the rights and privileges of the holders, convert such preferred shares into capital shares or investment shares to which this Act applies.

For the purposes of a winding-up or dissolution, according to the provisions of this Act, preferred shares have priority over capital shares and qualifying shares.

2000, c. 29, s. 715.