Power to amend by-laws

(1) Any credit union may, subject to this Act and any rules made thereunder, amend its by-laws, including the by-law which declares the name of the credit union. 22 Credit Unions Act (2) No amendment of the by-laws of a credit union shall be valid until that amendment has been registered under this Act, and for which purpose three copies of the amendment shall be forwarded to the Registrar. (3) If the Registrar is satisfied that any amendment of the by- laws is not contrary to this Act, the amendment may be (4) Where the Registrar refuses to register an amendment of a by-law, an appeal shall be laid before the Tribunal whose decision shall be final. (5) An amendment which changes the name of the credit union shall not affect any right or obligation of the credit union or of any of its members or past members, and any legal proceedings pending may be continued by or against the credit union under its new name. (6) Where the Registrar registers an amendment of the by- laws of a credit union, a copy of the certified amendment shall be issued to the credit union which shall be conclusive evidence of the fact that the amendment has been duly registered. (7) In this section, the word “amendment” includes the making of a new by-law and the variation or rescission of an existing by-law.