298 (1) The members of a credit union may, by special resolution passed at a general meeting called for that purpose, require the credit union to be wound up voluntarily.  2007, c. 7, Sched. 7, s. 150. If more than one class of shares (2) If the credit union has more than one class of issued shares, the special resolution referred to in subsection (1) shall be in the form of a special resolution passed by the holders of each class of shares.  2007, c. 7, Sched. 7, s. 150. Appointment of liquidator (3) At the meeting passing the special resolution, the members shall appoint a person as liquidator of the estate and effects of the credit union for the purpose of winding up its affairs and distributing its property.  2007, c. 7, Sched. 7, s. 150. Who can be liquidator (4) Only the following may be appointed as a liquidator under this section: 1. The Chief Executive Officer. 2. A licensed trustee in bankruptcy.  2007, c. 7, Sched. 7, s. 150; 2019, c. 7, Sched. 16, s. 50. Remuneration and expenses of liquidator (5) The remuneration of the liquidator and the costs, charges and expenses of the winding up shall be determined in accordance with the following: 1. If the liquidator is the Chief Executive Officer, the remuneration and costs, charges and expenses shall be as set by the Chief Executive Officer as of the day the resolution is passed. 2. If the liquidator is a licensed trustee in bankruptcy, the remuneration and costs, charges and expenses shall be as set out in the appointment of the liquidator.  2007, c. 7, Sched. 7, s. 150; 2019, c. 7, Sched. 16, s. 50. Publication of notice of winding-up (6) The liquidator shall, (a) file a copy of the resolution under subsection (1) and the appointment under subsection (3) with the Chief Executive Officer within 10 days after the resolution has been passed; (b) publish a notice of the resolution and the appointment in The Ontario Gazette within 20 days after the resolution has been passed; and (c) publish a notice of the resolution and the appointment in a newspaper having a general circulation in the locality where the head office of the credit union is located.  2007, c. 7, Sched. 7, s. 150; 2018, c. 8, Sched. 7, s. 5. Vacancy in office of liquidator (7) The following apply if a vacancy occurs, by death, resignation or otherwise, in the office of a liquidator appointed under this section: 1. The members of the credit union, by a majority of the votes cast at a general meeting called for that purpose, may appoint a person to fill the vacancy. 2. If the members fail to appoint a person under paragraph 1, the Chief Executive Officer shall appoint a person to fill the vacancy.  2007, c. 7, Sched. 7, s. 150; 2018, c. 8, Sched. 7, s. 5. Removal of liquidator (8) Unless the liquidator is the Chief Executive Officer, the members of the credit union may, by a majority of the votes cast at a general meeting called for that purpose, remove a liquidator appointed under this section and appoint a replacement.  2007, c. 7, Sched. 7, s. 150; 2019, c. 7, Sched. 16, s. 50. Credit union to cease business (9) From the time the resolution under subsection (1) is passed, the credit union shall cease to carry on its business, except in so far as is, in the opinion of the liquidator, required for the beneficial winding-up of the credit union, but the corporate state and all the corporate powers of the credit union, despite anything to the contrary in the charter of the credit union, continue until the affairs of the credit union are wound up.  2007, c. 7, Sched. 7, s. 150. No proceeding against credit union without leave (10) After the resolution under subsection (1) is passed, no suit, action or other proceeding shall be proceeded with or commenced against the credit union, except with the leave of the court and subject to such terms as the court imposes.  2007, c. 7, Sched. 7, s. 150. Attachments, etc., void (11) Every attachment, sequestration, distress or execution put in force against the estate or effects of the credit union after the passing of the resolution under subsection (1) is void.  2007, c. 7, Sched. 7, s. 150. Liquidator to take custody (12) Upon appointment, the liquidator shall take custody and control of all property, rights and privileges of the credit union or to which the credit union appears to be entitled and shall take all necessary steps to wind up the credit union.  2007, c. 7, Sched. 7, s. 150. Statement of assets and liabilities (13) Within 60 days after being appointed, the liquidator shall prepare a statement of the assets and liabilities of the credit union as of the start of the winding up and file the statement with the Chief Executive Officer.  2007, c. 7, Sched. 7, s. 150; 2018, c. 8, Sched. 7, s. 5. List of contributories and calls (14) Upon a voluntary winding-up, the liquidator, (a) shall settle the list of contributories; and (b) may, before having ascertained the sufficiency of the property of the credit union, call on any of the contributories for the time being settled on the list of contributories, to the extent of their liability, to pay any sum that the liquidator considers necessary to satisfy the liabilities of the credit union, and the costs, charges and expenses of winding up and for the adjustment of the rights of the contributories among themselves.  2007, c. 7, Sched. 7, s. 150. Same (15) The list of contributories settled by the liquidator under clause (14) (a) is admissible in evidence as proof, in the absence of evidence to the contrary, of the liability of the persons named in the list as contributories.  2007, c. 7, Sched. 7, s. 150. Meetings of credit union during winding-up (16) The liquidator may, during the continuance of the voluntary winding-up, call general meetings of the members of the credit union for the purpose of obtaining their approval by resolution or for any other purpose as the liquidator thinks fit.  2007, c. 7, Sched. 7, s. 150. Arrangements with creditors (17) The liquidator may make such compromise or other arrangement as the liquidator thinks expedient with any creditor or person claiming to be a creditor or having or alleging that the person has a claim, present or future, certain or contingent, liquidated or unliquidated, against the credit union or whereby the credit union may be rendered liable.  2007, c. 7, Sched. 7, s. 150. Power to compromise with debtors and contributors (18) The liquidator may compromise all debts and liabilities capable of resulting in debts and all claims, whether present or future, certain or contingent, liquidated or unliquidated, subsisting or supposed to subsist between the credit union and any contributory, alleged contributory or other debtor or person who may be liable to the credit union and all questions in any way relating to or affecting the property of the credit union, or the winding up of the credit union upon the receipt of the sums payable at such times and generally upon such conditions as are agreed, and the liquidator may take any security for the discharge of the debts or liabilities and give a complete discharge in respect of them.  2007, c. 7, Sched. 7, s. 150. Account to be made by liquidator (19) The liquidator shall make up an account showing the manner in which the winding-up has been conducted and the property disposed of.  2007, c. 7, Sched. 7, s. 150. Same (20) After the account is made up, the liquidator shall call a general meeting of the members and shareholders of the credit union for the purpose of having the account laid before them and hearing any explanation that may be given by the liquidator.  2007, c. 7, Sched. 7, s. 150. Calling meeting (21) The liquidator shall call the meeting in the manner set out in the credit union’s articles or by-laws.  2007, c. 7, Sched. 7, s. 150. Extension of time (22) The Chief Executive Officer may, in writing, extend the time for filing any documents required to be filed under this section if the Chief Executive Officer is satisfied that an extension is appropriate.  2007, c. 7, Sched. 7, s. 150; 2018, c. 8, Sched. 7, s. 5. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 5 (4) - 10/10/1997; 1997, c. 28, s. 53 - 01/07/1998; 1999, c. 12, Sched. I, s. 2 (7) - 22/12/1999 2007, c. 7, Sched. 7, s. 150 - 01/10/2009 2018, c. 8, Sched. 7, s. 5 - 08/06/2019; 2018, c. 17, Sched. 11, s. 15 - no effect - see 2019, c. 7, Sched. 16, s. 54 - 29/05/2019 2019, c. 7, Sched. 16, s. 50 - 08/06/2019