Membership / Common Shares
Membership is open to all individuals and businesses/ body-corporate who agree to abide by the constitution, bylaws and rules of the Credit Union as well Credit Union Act as applicable to Credit Unions in the Province of Alberta. For opening an account with the Credit Union, one must become a shareholder of the Credit Union. Individuals must buy minimum of 100 shares of $1.00 each and Incorporated Companies and other incorporated bodies must buy minimum of 500 shares of $1.00 each. One person / organization can buy a maximum of 100,000 common shares. As per rules of the Credit Union, there is a limit for redemption of shares, as under:
All deposits made with the Credit Union, except Common Shares, are 100% guaranteed by Credit Union Deposit Guarantee Corporation (CUDGC). Both, the deposit money and interest earned is safe and secure up to any dollar amount.