Credit Unions - After registration

After Registration:

1. As soon as possible after the issuance of the certificate of registration, the directors must meet and attend to the business required by Section 79 of the Act.
Requirements of Section 79
The directors shall hold a meeting as soon as possible after the issue of the society’s certificate of registration.
I. The directors may, at the meeting mentioned previously:
(a) pass resolutions establishing policies of the society;
(b) adopt forms of corporate records;
(c) authorize the issue of securities;
(d) appoint officers;
(e) appoint an auditor to hold office until the first general meeting of the members;
(f) make banking or other financial arrangements;
(g) appoint authorized signing officers;
(h) adopt operating policies; and
(i) transact any business in addition to that described in paragraphs (a) to (h)
II. A director may call the meeting of directors mentioned in section (1) by giving not less than five (5) days’ notice of the meeting to each director, stating the time and place of the meeting.
2. The Financial Services Commission will assist the co-operative in becoming established and monitor the society to ensure compliance with the co-operative legislation.
3. Two (2) months after registration, the first general meeting of the society must be held to attend to the business as required by Section 85 of the Act.
Section 85
(1) This section does not apply to a society that is continued pursuant to this Act.
(2) Within two (2) months of the date of its registration, a society shall hold a general meeting at which all members are entitled to be present and to vote.
(3) Notwithstanding subsection (2), where the directors apply to the Commission, it may extend the time for holding the general meeting.
(4) The business at the general meeting mentioned in subsection (2) must include:
(a) the adoption of the by-laws;
(b) the election of directors; and
(c) in accordance with Section 114, the appointment of an auditor.
Section 114
(1) The members of a credit union shall:
(a) at the first general meeting, appoint an auditor to hold office until the close of the first annual general meeting; and
(b) at each annual meeting, appoint an auditor to hold office until the close of the next annual general meeting.
(2) Notwithstanding subsection (1)(b), if an auditor is not appointed at an annual general meeting, the incumbent auditor continues in office until his successor is appointed at a subsequent meeting.
(3) The remuneration of an auditor shall be fixed by the directors.
(4) The society shall provide reports monthly to the Commission on the forms designed for that purpose.