C-3 - Act respecting the caisses d’entraide économique

Section 20 Disposition versions

1999-10-22

20. Every loan granted by a union to a member, secured by hypothec on landed property or equipment used for industrial or commercial purposes and which exceeds 3% of the assets of the union, must be approved by the committee on credit of the federation.

In no case, however, shall such approval be required for loans of less than $30,000.

The restriction contemplated in the first paragraph does not apply if the payment in principal and interest is guaranteed by the Government of Canada or of Québec or by an enterprise thereof.

1974, c. 68, s. 20; 1992, c. 57, s. 455; 1999, c. 40, s. 43.

1994-01-01

20. Every loan granted by a union to a member, secured by hypothec on real estate or equipment used for industrial or commercial purposes and which exceeds 3 % of the assets of the union, must be approved by the committee on credit of the federation.

In no case, however, shall such approval be required for loans of less than $30 000.

The restriction contemplated in the first paragraph does not apply if the payment in principal and interest is guaranteed by the Government of Canada or of Québec or by a Crown corporation in right of Canada or of Québec.

1974, c. 68, s. 20; 1992, c. 57, s. 455.

1977-12-31

20. Every loan granted by a union to a member, secured by hypothec, mortgage or pledge on real estate or equipment used for industrial or commercial purposes and which exceeds three per cent of the assets of the union, must be approved by the committee on credit of the federation.

In no case, however, shall such approval be required for loans of less than $30 000.

The restriction contemplated in the first paragraph does not apply if the payment in principal and interest is guaranteed by the Government of Canada or of Québec or by a Crown corporation in right of Canada or of Québec.

1974, c. 68, s. 20.