Objects of credit unions
11. (1) The articles of a credit union shall state its objects and purposes as being the promotion of co-operative enterprise, the facilitating of the accumulation of savings and the creation of a source of credit for its members at conscionable rates of interest and the provision of full financial services for its members and every credit union shall be deemed to have such objects in its articles. Ancillary powers (2) For the purpose of carrying out its objects, subject to the other provisions of this Act, the regulations, the articles and the by-laws of the credit union, every credit union has power as incidental and ancillary to its objects, 1. to receive money on deposit from members and as payment for shares; 2. to make loans to members, with or without security; 3. to make loans to other credit unions, where the loans are approved by the Ontario Share and Deposit Insurance Corporation; 4. to deposit money with, invest in shares of, or make loans to, any league; 5. to make donations and gifts out of the surplus income or any undivided earnings for the purpose of advancing the interest of the credit union or of credit unions generally and for charitable purposes; 6. to purchase, lease, or take in exchange, hire or otherwise acquire any personal property and any right or privilege the credit union considers necessary or convenient for the purpose of the credit union; 7. to invest funds of the credit union; 8. where authorized to do so by a special resolution, to sell, lease, exchange or otherwise dispose of all or substantially all the property of the credit union for such consideration as the credit union considers appropriate; 9. to construct, maintain and alter any buildings or works necessary for its objects; 10. to lease and, where authorized by by-law, to acquire by purchase or otherwise and hold any real property or interest therein necessary for its present or future use and occupation or for carrying on its undertaking, and, when no longer necessary therefor, to sell, alienate or convey it; 11. to take, hold, alienate, realize on, or otherwise dispose of any real or personal property that has been mortgaged or pledged to the credit union by way of security for, or conveyed to it in satisfaction of loans made in the course of business or otherwise purchased for the purpose of avoiding a loss to the credit union; 12. to draw, make, accept, endorse, execute, discount and issue promissory notes, bills of exchange, bills of lading, warrants and other negotiable or transferable instruments; 13. subject to such conditions as are prescribed by the regulations, to establish and operate branch offices to provide credit union services; 14. to pay all costs and expenses of, or incidental to, the incorporation and organization of the credit union; 15. to establish and support or aid in the establishment and support of or the subscription to, associations, institutions, funds or trusts for the benefit of employees or former employees of the credit union or its predecessors, or the dependants or connections of such employees or former employees, and grant pensions and allowances, and make payments towards insurance or for any object similar to those set forth in this paragraph, and to subscribe or guarantee money for charitable, benevolent, educational or religious objects or for any exhibition or for any public, general or useful objects; 16. to adopt means of making known the services of the credit union, and in particular by advertising, by purchase and exhibition of works of art or interest, by publication of books and periodicals or by granting prizes, rewards and making donations; 17. to deposit money in a bank listed in Schedule I or II to the Bank Act (Canada), the Province of Ontario Savings Office, or loan corporations and trust corporations registered under the Loan and Trust Corporations Act; 18. to contract and sue and be sued in the corporate name; 19. to purchase group insurance for its members; 20. to perform any of the things authorized by this section as principal or agent and either alone or in conjunction with others; 21. to perform all such other things as are incidental or conducive to the attainment of the objects and the exercise of the powers of the credit union; 22. to have perpetual succession; 23. to carry on any other business capable of being conveniently carried on in connection with its business or likely to enhance the value of or make profitable any of its property or rights; 24. to acquire and hold shares in any other company having objects altogether or in part similar to those of the credit union or carrying on any business capable of being conducted so as to benefit the credit union; 25. to sell, improve, manage, develop, exchange, lease, dispose of, turn to account or otherwise deal with the property of the credit union in the ordinary course of its business; 26. to provide safekeeping facilities and services for personal property; 27. to provide services for the collection and payment of money from and on behalf of its members; 28. to provide such programs and services for its members as in the opinion of the board of directors may assist the members to meet their financial or social needs; 29. subject to the approval of the Director, to accept custody of assets for specific purposes or under specific terms and conditions and to act as an agent to carry out such purposes, such purposes to include, but not be restricted to, the custody of funds deposited under registered retirement savings plans and home ownership savings plans. Limitation of powers (3) Any of the powers set out in subsection (2) may be withheld or limited by the articles. Power to act outside Ontario (4) Every credit union may exercise its powers beyond the boundaries of Ontario to the extent to which the laws in force where the powers are sought to be exercised permit, and may accept extra-provincial powers and rights. R.S.O. 1980, c.102, s.11. Leagues