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C-4.1 - Savings and Credit Unions Act

Section 314
Disposition versions

Full text
314. The liquidator shall first pay the debts of the credit union, the costs of winding-up and the shares referred to in section 581. The subordinated debt securities issued by the credit union under subparagraph 6.1 of the first paragraph of section 213 rank equally with one another and are subordinated in right of payment to all other indebtedness of the credit union. The liquidator shall then repay the preferred shares according to their respective ranks, followed by the permanent shares, and finally the qualifying shares.
The sums representing deposits or shares which could not be paid shall be transferred to the Minister of Revenue together with a statement of the sums indicating the name and last known address of the interested parties and the date on which such sums were transferred to the Minister of Revenue.
The Unclaimed Property Act (chapter B-5.1) applies to sums so transferred to the Minister of Revenue under the second paragraph.
1988, c. 64, s. 314; 1994, c. 38, s. 5; 1996, c. 69, s. 95; 1997, c. 80, s. 51; 2005, c. 44, s. 54; 2011, c. 10, s. 98.
314. The liquidator shall first pay the debts of the credit union, the costs of winding-up and the shares referred to in section 581. The subordinated debt securities issued by the credit union under subparagraph 6.1 of the first paragraph of section 213 rank equally with one another and are subordinated in right of payment to all other indebtedness of the credit union. The liquidator shall then repay the preferred shares according to their respective ranks, followed by the permanent shares, and finally the qualifying shares.
The sums representing deposits or shares which could not be paid shall be transferred to the Minister of Revenue together with a statement of the sums indicating the name and last known address of the interested parties and the date on which such sums were transferred to the Minister of Revenue.
The provisions of the Public Curator Act (chapter C‐81) pertaining to unclaimed property shall apply to sums so transferred to the Minister of Revenue under the second paragraph.
1988, c. 64, s. 314; 1994, c. 38, s. 5; 1996, c. 69, s. 95; 1997, c. 80, s. 51; 2005, c. 44, s. 54.
314. The liquidator shall first pay the debts of the credit union, the costs of winding-up and the shares referred to in section 581. The subordinated debt securities issued by the credit union under subparagraph 6.1 of the first paragraph of section 213 rank equally with one another and are subordinated in right of payment to all other indebtedness of the credit union. The liquidator shall then repay the preferred shares according to their respective ranks, followed by the permanent shares, and finally the qualifying shares.
The sums representing deposits or shares which could not be paid shall be transferred to the Public Curator together with a statement of the sums indicating the name and last known address of the interested parties and the date on which such sums were transferred to the Public Curator.
The provisions of the Public Curator Act (chapter C‐81) pertaining to unclaimed property shall apply to sums so transferred to the Public Curator under the second paragraph.
1988, c. 64, s. 314; 1994, c. 38, s. 5; 1996, c. 69, s. 95; 1997, c. 80, s. 51.
314. The liquidator shall first pay the debts of the credit union, the costs of winding-up and the shares referred to in section 581. The subordinated debt securities issued by the credit union under subparagraph 6.1 of the first paragraph of section 213 rank equally with one another and are subordinated in right of payment to all other indebtedness of the credit union. The liquidator shall then repay the preferred shares according to their respective ranks, followed by the permanent shares, and finally the qualifying shares.
The sums representing deposits or shares which could not be paid shall be transferred to the Minister of Finance and deposited into the consolidated revenue fund.
Any person entitled to any of the sums transferred to the Minister of Finance may require payment thereof by asserting his claim, and prescription shall not be invoked against him.
The Minister of Finance is authorized to make the payment of such sums out of the consolidated revenue fund.
1988, c. 64, s. 314; 1994, c. 38, s. 5; 1996, c. 69, s. 95.
314. The liquidator shall first pay the debts of the credit union and the costs of winding-up. The subordinated debt securities issued by the credit union under subparagraph 6.1 of the first paragraph of section 213 rank equally with one another and are subordinated in right of payment to all other indebtedness of the credit union. The liquidator shall then repay the preferred shares according to their respective ranks, followed by the permanent shares, and finally the qualifying shares.
The sums representing deposits or shares which could not be paid shall be transferred to the Minister of Finance and deposited into the consolidated revenue fund.
Any person entitled to any of the sums transferred to the Minister of Finance may require payment thereof by asserting his claim, and prescription shall not be invoked against him.
The Minister of Finance is authorized to make the payment of such sums out of the consolidated revenue fund.
1988, c. 64, s. 314; 1994, c. 38, s. 5.
314. The liquidator shall first pay the debts of the credit union and the costs of winding-up. He shall then repay the preferred shares according to their respective ranks, followed by the permanent shares, and finally the qualifying shares.
The sums representing deposits or shares which could not be paid shall be transferred to the Minister of Finance and deposited into the consolidated revenue fund.
Any person entitled to any of the sums transferred to the Minister of Finance may require payment thereof by asserting his claim, and prescription shall not be invoked against him.
The Minister of Finance is authorized to make the payment of such sums out of the consolidated revenue fund.
1988, c. 64, s. 314.
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