Acts and Regulations

2009-22 - Credit Unions Act

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NEW BRUNSWICK
REGULATION 2009-22
under the
Credit Unions Act
(O.C. 2009-63)
Filed February 26, 2009
1Section 14 of New Brunswick Regulation 94-5 under the Credit Unions Act is repealed and the following is substituted:
14(1)Subject to subsection (2), the number of representatives to be appointed or elected by a credit union that is a member of the Brunswick Credit Union Federation Limited to represent the credit union and to vote at meetings of the federation is one representative for each one thousand members of the credit union or portion thereof, determined on the basis of the number of members as of December 31 of the year preceding each meeting of the federation which the representative is to attend.
14(2)A credit union referred to in subsection (1) shall have a minimum of 3 and a maximum of 10 representatives notwithstanding the number of its members.
14(3)The number of representatives to be appointed or elected by a credit union that is a member of the Fédération des Caisses Populaires Acadiennes Limitée to represent the credit union and to vote at meetings of the federation is
(a) if the credit union is an amalgamated credit union formed as a result of an amalgamation that took place between May 1, 2008, and the date immediately preceding the date of the 2010 annual meeting of the federation, both dates inclusive, 4 representatives per amalgamating credit union that existed before the amalgamation, and
(b) in any other case, 4 representatives.
14(4)Subsection (3) applies to meetings of the federation held between the date of the commencement of this subsection and the date immediately preceding the date of the 2010 annual meeting of the federation, both dates inclusive.
14(5)The number of representatives to be appointed or elected by a credit union that is a member of the Fédération des Caisses Populaires Acadiennes Limitée to represent the credit union and to vote at meetings of the federation held on and after the date of the 2010 annual meeting of the federation shall be calculated in accordance with subsection (6).
14(6)Subject to subsection (7), the number of representatives that are to be appointed or elected by a credit union for the purposes of subsection (5) shall be calculated in accordance with the following formula:
4 + A/B × [150 - (4 × C)]
where
Ais the total number of members of the credit union, which total is determined on the basis of the number of members as of December 31 of the year preceding each meeting of the federation which the representatives are to attend;
Bis the total number of members of every credit union that is a member of the federation, which total is provided to the credit union by the federation and determined on the basis of the number of members of the credit unions as of December 31 of the year preceding each meeting of the federation which the representatives are to attend; and
Cis the total number of the federation’s member credit unions, which total is provided to the credit union by the federation and determined on the basis of the number of member credit unions as of December 31 of the year preceding each meeting of the federation which the representatives are to attend.
14(7)For the purposes of determining the value of variable A described in subsection (6), if the credit union is an amalgamated credit union formed as a result of an amalgamation that took place after December 31 of the year referred to in that subsection, A is the total number of members, as of that December 31, of each of the amalgamating credit unions as they existed before the amalgamation.
14(8)If the calculation in subsection (6) results in a number that is not a whole number, the result shall be rounded to the nearest whole number or, if the result is equidistant from two whole numbers, to the higher of them.