Cooperative Credit Associations Act

Marginal note:Minimum membership

• 50 (1) The membership in a retail association and the former-Act association must include at least

  • (a) an association;

  • (b) two central cooperative credit societies not all of which are incorporated under the laws of one province;

  • (c) two local cooperative credit societies not all of which are incorporated under the laws of one province;

  • (d) two provincial leagues not all of which are incorporated under the laws of one province; or

  • (e) a federal credit union or a federal league.

• Marginal note:Predominately federal membership

  (1.1) The membership of an association that is not a retail association or the former-Act association must be predominated by associations other than retail associations, by federal credit unions, by federal leagues or by any combination of them.

• Marginal note:If minimum not attained

  (2) If, at any time, the membership in an association is not in accordance with subsection (1) or (1.1), as the case may be, the association shall without delay take the steps that are necessary to

  • (a) apply for a certificate of continuation or letters patent referred to in subsection 32(1); or

  • (b) liquidate and dissolve the association under Part VII.