Credit unions must file their amended by-laws with the Financial Services Commission of Ontario (FSCO) by doing one of the following:
Credit unions should ensure they provide their contact information with the submission.
Credit unions must send FSCO their amended, signed and dated by-laws within 30 days of receiving confirmation of a by-law amendment by special resolution of the credit union's members and/or delegates (as appropriate). Failure to do so may result in an administrative monetary penalty.
The by-law amendment must be signed by two authorized officers/directors of the credit union. A scanned copy of the signed and dated by-law amendment will be accepted by FSCO. There is no fee to file a by-law amendment.
If the by-law amendment is appropriately signed and dated, FSCO's Licensing Branch will acknowledge that it was received within five business days. FSCO will send this acknowledgement by email to the contact person who is listed in the submission.