139. Every director who resigns for reasons relating to the conduct of the affairs of the credit union shall declare his reasons to the credit union by means of a written statement to the chairman of the board of audit and ethics and shall send a copy to the federation with which the credit union is affiliated or, if it is not affiliated, to the Inspector General,
(1) where he has grounds to believe that such course of action is in contravention of a provision of this Act, a government regulation thereunder, a standard established under this Act and approved by the Government, a provision of any other Act or an order or written instruction of the Inspector General;
(2) where he has grounds to believe that such course of action may have an adverse effect on the financial position of the credit union.
A director who in good faith makes such a declaration shall not thereby incur any civil liability.
1988, c. 64, s. 139; 1996, c. 69, s. 39.