As actual owners of the credit union, individuals—including junior members—must buy and retain a minimum of five Class "A" Membership Equity Shares.* The cost to you is $5.00. It is also important that you know the Membership Equity Shares account is not an interest-bearing account.
Dividends
Dividends may be declared at the discretion of our Board of Directors. Dividends are dependent on the financial status of the credit union for that year and are paid annually during the first quarter following year end.
Note: Dividends paid by a credit union to a member who has shares in the credit union are not eligible for Canada's dividend tax credit (unless the shares are listed on a prescribed stock exchange) and are treated as regular interest income.
Share limits and redemption
The maximum number of Class "A" shares each member may purchase is 1,000. The balance may only exceed 1,000 by way of dividends, special dividends, and/or inheritance. Class "A" shares may be redeemed in full at any time upon:**
- Member withdrawing from membership
- Termination of membership by the credit union, as approved by the Board of Directors
- Death of the member
- Member is a partnership which dissolves
- Member is an incorporated company and is dissolved or wound up
- Member in any other case, ceases to be a legal entity according to the statute by or pursuant to which it was created