Under section 311 of the Credit Unions and Caisses Populaires Act, 1994 (the Act), a credit union must file its articles of amendment for approval by the Superintendent of Financial Services (the Superintendent) in the following cases:
- The credit union plans to add a class or series of special shares to the capital structure of the credit union in anticipation of a security offering;
- The credit union is planning to change its legal name; or
- The credit union wants to make other changes to its articles of incorporation.
If the Credit Union is Planning to Change its Legal Name
If the credit union is planning to change its legal name, the articles of amendment must include the Superintendent's approval to reserve and use a new name. To learn more about this process, refer to the web page on applying for approval to use a trade name or change a legal name for a credit union.
Credit unions typically request and receive FSCO's approval to reserve and use a new name before the new name is submitted to the credit union's members for approval.
Instructions for Filing Articles of Amendment
The credit union's request must include:
- its articles of amendment;
- the resolution of the credit union's Board of Directors; and
- the special resolution of the credit union's members and/or delegates (and a special vote of series/class shareholders, as applicable).
The request should be accompanied by a cheque or money order that is payable to the Minister of Finance for the required fee that is outlined in the Minister's Schedule of Required Fees.
The request, accompanying documents and cheque should be filed with the Financial Services Commission of Ontario's (FSCO) Licensing Branch.
The Superintendent will issue a certificate of amendment once he/she is satisfied the articles of amendment and other required documents meet the requirements of the Act. If FSCO receives a complete submission ― this is a submission that is not missing any information or documents ― it will generally be processed within 30 business days of the date it is received.