C-4.1 - Savings and Credit Unions Act

Section 323 Disposition versions

1997-02-15

323. Before requesting the Inspector General to dissolve a credit union, the Minister shall give the credit union or the liquidator, as the case may be, notice of the alleged default and of the penalty that applies and give him or it an opportunity to present observations within 30 days from the date of the notice. Copy of the notice must be transmitted to the federation with which the credit union is affiliated, where that is the case.

If, after considering the representations of the credit union or of the liquidator or, if none were made, at the expiry of the period of time fixed in the first paragraph, the Minister maintains the notice of default, and the default is not remedied within 30 days following the expiry of the period of time fixed in the first paragraph, the Minister shall request the Inspector General to dissolve the credit union.

1988, c. 64, s. 323; 1996, c. 69, s. 180.

1989-03-15

323. Before requesting the Inspector General to dissolve a credit union, the Minister shall give the credit union or the liquidator, as the case may be, notice of the alleged default and of the penalty that applies and give him or it an opportunity to make representations within 30 days from the date of the notice. Copy of the notice must be transmitted to the federation with which the credit union is affiliated, where that is the case.

If, after considering the representations of the credit union or of the liquidator or, if none were made, at the expiry of the period of time fixed in the first paragraph, the Minister maintains the notice of default, and the default is not remedied within 30 days following the expiry of the period of time fixed in the first paragraph, the Minister shall request the Inspector General to dissolve the credit union.

1988, c. 64, s. 323.