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C-4.1 - Savings and Credit Unions Act

Section 252
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252. No credit union may extend credit to any of its officers or to any person who is an associate of any of its officers except to the extent determined by the rules of ethics and in accordance with the credit standards applicable to the credit union.
1988, c. 64, s. 252; 1996, c. 69, s. 77.
252. No credit union may extend credit to any of its officers or to any person who is an associate of any of its officers in a total amount exceeding the annual salary paid by the credit union to the officer if he is remunerated or, if not, the amount determined according to the rules of the ethics committee or the board of supervision, as the case may be, unless the credit is secured by first hypothec on the principal residence of the officer.
1988, c. 64, s. 252.
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