On a Rule 20 motion for summary judgment in a proposed class proceeding, the court held that s. 68(1) offering statement requirements under the Credit Unions and Caisses Populaires Act apply to primary issuances and sales by a credit union, not to inter-member share transfers shown on this record.
Because the plaintiff and proposed class members acquired shares through transfers or dividend issuances that did not engage the statutory cause of action in s. 75(3), there was no genuine issue requiring a trial.
The defendant regulator's motion for summary judgment dismissing the claim was granted.
