Incorporation
3. (1) A credit union may be incorporated under this Act by articles of incorporation for the objects stated in section 11 and the incorporation is subject to the approval of the Minister. Application (2) Any number of natural persons, not fewer than twenty, who are of the age of eighteen years or more, may apply to be incorporated as a credit union by signing and delivering to the Minister, in duplicate, articles of incorporation in the form prescribed by the regulations together with two copies of the proposed by-laws of the credit union. Articles of incorporation (3) The articles of incorporation shall set out: 1. The name of the credit union to be incorporated. 2. The place in Ontario where the head office of the credit union is to be located giving the municipality and the county or district or, where the head office is to be located in a territory without municipal organization, the geographic township and district, if any. 3. The name of each of the incorporators and residence address of each. 4. The number of directors of the credit union, which shall be not fewer than five, and the name and residence address, giving the street and number, if any, of each person who is a first director of the credit union. 5. Any other matter required by this Act or the regulations to be set out in the articles. Idem (4) The articles may set out any provision that is authorized by this Act to be set out in the articles or that could be the subject of a by-law of the credit union. Affidavits (5) The signature of each incorporator and each first director and the fact that each incorporator and each first director is of the age of eighteen years or more shall be verified by affidavit. Director may direct amendment of by-laws (6) The proposed by-laws shall be in accordance with section 16 and if the Director finds the proposed by-laws repugnant to this Act he or she may direct an amendment before the application is proceeded with. Report to Minister (7) The Director shall inquire into the circumstances, sufficiency and regularity of the articles of incorporation and accompanying proposed by-laws delivered to the Minister and may require any matter to be verified under oath and shall report thereon to the Minister. Reasons (8) Where the Director reports to the Minister that the articles of incorporation should not be filed, the report shall include the reasons therefor and a copy of the report shall be delivered to the incorporators. Submissions to Minister (9) The incorporators may, within fifteen days after receiving the report and reasons of the Director under subsection (8), make written submissions to the Minister in respect thereof. Issuance of certificate of incorporation (10) After considering the report of the Director and the submissions, if any, of the incorporators, the Minister may, in his or her discretion and after all prescribed fees have been paid, (a) endorse on the duplicate of the articles the words “Filed/Déposé” and the day, month and year of the filing thereof; (b) file one of the duplicates in the Minister’s office; and (c) issue to the incorporators or their agent a certificate of incorporation to which the Minister shall affix the other duplicate. Effect of incorporation (11) A credit union comes into existence upon the date set forth in its certificate of incorporation and the certificate of incorporation, the articles of incorporation and the by-laws of the credit union, together with this Act, constitute the charter of the credit union. Notice (12) A certificate of incorporation is conclusive proof that all conditions precedent required to be performed by the incorporators have been complied with and that the credit union has been incorporated under this Act, except in a proceeding under section 123. R.S.O. 1980, c.102, s.3.