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C-4.1 - Savings and Credit Unions Act

Section 257
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257. A credit union other than a credit union incorporated for the purpose of offering services to a group may, in addition, with a view to promoting the development of enterprises in its territory, invest in shares or in unsecured debt securities of such enterprises, if credit may be extended to them, within the limits established in the standards of the federation with which it is affiliated. The standards must be submitted for approval to the confederation with which the federation is affiliated or, if it is not affiliated, to the Government.
1988, c. 64, s. 257; 1996, c. 69, s. 81.
257. A credit union other than a credit union incorporated for the purpose of offering services to a group may, in addition, with a view to promoting the development of enterprises in its territory, invest in shares or in unsecured debt securities of such enterprises, if credit may be extended to them, within the limits prescribed by by-law of the federation with which it is affiliated. The by-law must be submitted for approval to the confederation with which the federation is affiliated or, if it is not affiliated, to the Government.
No credit union shall invest in such an enterprise, however, if another credit union has already invested in the shares or unsecured debt securities of the enterprise.
1988, c. 64, s. 257.
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