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C-4.1 - Savings and Credit Unions Act

Section 293
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293. The auditor shall report to the board of directors in writing any transaction or situation affecting the interest of the credit union that, in his opinion, is not satisfactory and requires rectification. In particular, he shall report to the board any transactions of the credit union and transactions between the credit union and restricted parties which have come to his notice in the course of his audit and which lead him to believe that the credit union is in contravention of this Act or any regulation made thereunder by the Government.
He shall transmit a copy of the report referred to in the first paragraph to the board of audit and ethics of the credit union, to the federation with which the credit union is affiliated, where that is the case, and to the Inspector General.
Every person other than an advocate or a notary who provides independent professional services to the credit union has, in respect of transactions between restricted parties and the credit union, the same obligations as the auditor.
1988, c. 64, s. 293; 1996, c. 69, s. 93.
293. The auditor shall report to the board of directors in writing any transaction or situation affecting the interest of the credit union that, in his opinion, is not satisfactory and requires rectification. In particular, he shall report to the board any transactions of the credit union and transactions between the credit union and restricted parties which have come to his notice in the course of his audit and which lead him to believe that the credit union is in contravention of this act or any regulation made thereunder by the Government.
He shall transmit a copy of the report referred to in the first paragraph to the board of supervision of the credit union, to the federation with which the credit union is affiliated, where that is the case, and to the Inspector General.
Every person other than an advocate or a notary who provides independent professional services to the credit union has, in respect of transactions between restricted parties and the credit union, the same obligations as the auditor.
1988, c. 64, s. 293.
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