C-4.1 - Savings and Credit Unions Act

Section 181 Disposition versions

1997-02-15

181. The board of audit and ethics shall notify, in writing, the board of directors and the federation with which the credit union is affiliated, where that is the case, if

(1)  in its opinion, the credit union is contravening a provision of this Act or the regulations or by-laws applicable to it under this Act, where such contravention relates to the operations of the credit union and might have an adverse effect on its financial position;

(2)  it discovers financial or management practices which might have an adverse effect on the financial position of the credit union;

(3)  it observes that the credit union is not complying with the standards, orders or written instructions issued under this Act.

Upon receipt of the notice, the federation shall send a copy of it to the confederation with which it is affiliated.

The board shall notify the Inspector General where, in its opinion, the board of directors and the federation are neglecting to take, as soon as possible under the circumstances, the necessary measures to remedy the situation identified in the notice.

1988, c. 64, s. 181; 1996, c. 69, s. 57, s. 181.

1989-03-15

181. The board of supervision shall notify, in writing, the board of directors and the federation with which the credit union is affiliated, where that is the case, if

(1)  in its opinion, the credit union is contravening a provision of this Act or the regulations or by-laws applicable to it under this Act, where such contravention relates to the operations of the credit union and might have an adverse effect on its financial position;

(2)  it discovers financial or administrative practices which might have an adverse effect on the financial position of the credit union;

(3)  it observes that the credit union is not complying with the orders or written instructions issued under this Act.

Upon receipt of the notice, the federation shall send a copy of it to the confederation with which it is affiliated.

The board of supervision shall notify the Inspector General where, in its opinion, the board of directors and the federation are neglecting to take, as soon as possible under the circumstances, the necessary measures to remedy the situation identified in the notice.

1988, c. 64, s. 181.