C-4.1 - Savings and Credit Unions Act

Full text
174. Every member of the board of audit and ethics who resigns for reasons relating to the conduct of the affairs of the credit union shall declare his reasons in writing to the credit union, sending a copy of his declaration 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 board member who in good faith makes such a declaration shall not thereby incur any civil liability.
1988, c. 64, s. 174; 1996, c. 69, s. 50.
174. Where a member of the board of supervision resigns, he shall send to the federation with which the credit union is affiliated or, if it is not affiliated, to the Inspector General, a copy of the notice he addresses to the credit union.
1988, c. 64, s. 174.