C-4.1 - Savings and Credit Unions Act

Full text
204. Any right of action arising from section 200, 201 or 202 may be exercised by
(1)  the credit union;
(2)  the federation with which the credit union is affiliated, in its capacity as a mandatary of the credit union, if the credit union has neglected to exercise such right of action after having been formally notified to do so by the federation;
(3)  the Inspector General, if the federation with which the credit union is affiliated neglects to act following the service of the formal notice mentioned in subparagraph 2;
(4)  the Inspector General, if the credit union is not affiliated with a federation and has neglected to exercise such right of action after having been formally notified to do so by the Inspector General.
Where a federation serves a formal notice in accordance with subparagraph 2, it must, at the same time, transmit a copy to the Inspector General.
Before exercising its right of action under this section, a federation or the Inspector General must give the credit union an opportunity to present observations.
1988, c. 64, s. 204; 1996, c. 69, s. 180.
204. Any right of action arising from section 200, 201 or 202 may be exercised by
(1)  the credit union;
(2)  the federation with which the credit union is affiliated, in its capacity as a mandatary of the credit union, if the credit union has neglected to exercise such right of action after having been formally notified to do so by the federation;
(3)  the Inspector General, if the federation with which the credit union is affiliated neglects to act following the service of the formal notice mentioned in subparagraph 2;
(4)  the Inspector General, if the credit union is not affiliated with a federation and has neglected to exercise such right of action after having been formally notified to do so by the Inspector General.
Where a federation serves a formal notice in accordance with subparagraph 2, it must, at the same time, transmit a copy to the Inspector General.
Before exercising its right of action under this section, a federation or the Inspector General must give the credit union an opportunity to be heard.
1988, c. 64, s. 204.