C-67.3 - Act respecting financial services cooperatives

Section 716 Disposition versions

2001-07-01

716. The provisions of the Savings and Credit Unions Act (chapter C‐4.1) continue to apply to permanent shares and the rights, preferences, conditions and restrictions attached to those shares before 1 July 2001 are applicable.

Permanent shares may be purchased at the option of the credit union and the holder.

Section 61 of this Act applies to permanent shares.

However, a credit union may, by by-law, without prejudice to the rights and privileges of the holders, convert such preferred shares into capital 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 qualifying shares. Permanent shares and capital shares rank equally, but rank below preferred shares.

2000, c. 29, s. 716.