Cooperative Credit Associations Act

Marginal note:Limits on power to delegate

202 The directors of an association may not delegate any of the following powers, namely, the power to

• (a) submit to the members or shareholders a question or matter requiring their approval;

• (b) admit members;

• (c) fill a vacancy among the directors, on a committee of directors or in the office of auditor, or appoint additional directors;

• (d) issue or cause to be issued securities, including an issue of shares of a series that is authorized in accordance with section 71, except in accordance with any authorization made by the directors;

• (e) declare a dividend on membership shares or shares, a payment of a bonus on any deposit or a patronage allocation;

• (f) authorize the redemption or other acquisition by the association pursuant to section 79 of membership shares or shares issued by the association;

• (g) authorize the payment of a commission on a share issue;

• (h) approve a management proxy circular;

• (i) except as provided in this Act, approve the annual statement of the association and any other financial statements issued by the association;

• (j) expel members; or

• (k) adopt or amend by-laws.