Common use of Share Redemption Clause in Contracts

Share Redemption. The Member acknowledges that the Shares represent ownership in Servus Credit Union and that the value of the Shares is neither guaranteed nor insured. Share redemptions are subject to approval by the Board of Directors of Servus Credit Union, or as delegated to the President and CEO of Servus Credit Union, or his or her designate. Redemptions are also subject to restrictions under the Credit Union Act (Alberta) and regulations thereunder, and the bylaws of Servus Credit Union. Members are eligible for immediate payout of Shares in the following scenarios: a. The Member’s Shares are valued at less than $1,000 and the Member closes all Accounts; b. The Member is a corporation or other entity carrying on business and ceases all business activities; c. The Member moves outside of the Trading Area; d. The Death of the Member (at the time of Account closure); or e. When a trust Account is assigned to a child up to $1,000 in Shares are eligible for immediate payout. Remaining Shares greater than $1,000 will be transferred to the personal Account of the child Member. All other redemption requests must be submitted by application and received by Servus Credit Union on or before November 15th in any given year for payout by December 20th of that year.

Share Redemption. The Member acknowledges that the Shares represent ownership in Servus Credit Union and that the value of the Shares is neither guaranteed nor insured. Share redemptions are subject to approval by the Board of Directors of Servus Credit Union, or as delegated to the President and CEO of Servus Credit Union, or his or her designate. Redemptions are also subject to restrictions under the Credit Union Act (Alberta) and regulations thereunder, and the bylaws of Servus Credit Union. Members are eligible for immediate payout of Shares in the following scenarios: a. The Member’s Shares are valued at less than $1,000 and the Member closes all Accounts; b. The Member is a corporation or other entity carrying on business and ceases all business activities; c. The Member moves outside of the Trading Area; d. The Death of the Member (at the time of Account closure); or e. When a trust Account is assigned to a child up to $1,000 in Shares are eligible for immediate payout. Remaining Shares greater than $1,000 will be transferred to the personal Account of the child Member. All other redemption requests must be submitted by application. A minimum redemption of $1,000 applies to application redemption requests. Redemption requests must be submitted by application and received by Servus Credit Union on or before November 15th in any given year for payout by December 20th of that year.