Bank Act — B-1.01 144.1
Proposals — members of federal credit union 144.1 (1) Subject to subsections (2) and (3), a member of a federal credit union may (a) submit to the federal credit union notice of any matter that they propose to raise at an annual meeting (in this section referred to as a “proposal”); and (b) discuss at an annual meeting any matter in respect of which they would have been entitled to submit a proposal. Eligibility to submit proposal (2) To be eligible to submit a proposal a member must have been a member of the federal credit union for at least the prescribed period before making the proposal. Information to be provided (3) A proposal is to be accompanied by a statement setting out the name and address of the member submitting the proposal and the period of time the member has been a member. Information not part of proposal (4) The information provided under subsection (3) does not form part of a proposal or of the supporting statement referred to in subsection (6) and is not included for the purposes of the prescribed maximum number of words referred to in subsection (6). Proof may be required (5) If the federal credit union requests within the prescribed period that a member provide proof that they are eligible to submit a proposal, the member must within the prescribed period provide proof that they meet the requirement of subsection (2). Proposal and statement to accompany notice of meeting (6) A proposal submitted for consideration at a meeting must be attached to the notice of the meeting, together with, if requested by the member making the proposal, a statement in support of the proposal and the name and address of the member making the proposal. The statement and the proposal must together not exceed the prescribed maximum number of words. Nomination of directors (7) A proposal may include nominations for the election of directors if it is signed by the lesser of 250 members and 1 per cent of the members who are entitled to vote at the meeting. Exceptions (8) A federal credit union need not comply with subsection (6) if (a) the proposal is not submitted to the federal credit union at least the prescribed number of days before the anniversary date of the notice of meeting that was sent to members in connection with the previous annual meeting; (b) it clearly appears that the primary purpose of the proposal is to enforce a personal claim or redress a personal grievance against the federal credit union or its directors, officers, members or security holders; (c) the person submitting the proposal has failed, within the prescribed period before the federal credit union receives the person’s proposal, to present, at a meeting, a proposal that, at the person’s request, had been attached by the federal credit union to the notice of the meeting; (d) substantially the same proposal was attached to a notice of meeting, and presented at a meeting, of the federal credit union held not more than the prescribed period before the receipt of the proposal and the proposal did not receive the prescribed minimum amount of support at the meeting; or (e) the rights conferred by subsection (1) are being abused to secure publicity. Federal credit union may refuse to include proposal (9) If a member who submits a proposal withdraws from membership in accordance with section 47.05 before the meeting, the federal credit union is not required to attach any proposal submitted by that member to the notice of a meeting held within the prescribed period following the date of the meeting. Immunity (10) No federal credit union or person acting on behalf of a federal credit union incurs any liability by reason only of circulating a proposal. 2010, c. 12, s. 1957