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C-4.1 - Savings and Credit Unions Act

Section 14
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14. The Minister may, if he considers it advisable and after obtaining the advice of the Inspector General, exempt a credit union affiliated with a federation from compliance with section 11 on the conditions he determines, if the credit union has fulfilled all its obligations toward the federation or has made an agreement with the federation establishing the terms and conditions of performance of those obligations and if it has furnished guarantees considered sufficient by the Inspector General to ensure the protection of its members.
1988, c. 64, s. 14; 1996, c. 69, s. 2.
14. The Minister may, if he considers it advisable and after obtaining the advice of the Inspector General, exempt a credit union affiliated with a federation from compliance with section 11 on the conditions he determines, if the credit union establishes to his satisfaction that it has fulfilled all its obligations toward the federation and if it has furnished guarantees considered sufficient by the Inspector General to ensure the protection of its members.
1988, c. 64, s. 14.
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