C-4.1 - Savings and Credit Unions Act

Section 391 Disposition versions

1994-06-17

391. For the purposes of section 389, the liabilities of a federation shall consist of the deposits received and loans contracted by the federation and the credit unions affiliated with it, accrued interest on such deposits and loans, and other liabilities determined by government regulation.

Notwithstanding the first paragraph, subordinated debt securities issued under subparagraph 6.1 of the first paragraph of section 213 shall be excluded from the liabilities of a federation to the extent that they are included in its capital base.

In the case of a federation affiliated with La Confédération des caisses populaires et d’économie Desjardins du Québec, the fraction of the liabilities of La Caisse centrale Desjardins du Québec which represents the amount corresponding to the ratio between the total liabilities of the federation and the total liabilities of all the federations that are affiliated with the said confederation shall also be taken into account.

1988, c. 64, s. 391; 1994, c. 38, s. 11.

1989-03-15

391. For the purposes of section 389, the liabilities of a federation shall consist of the deposits received and loans contracted by the federation and the credit unions affiliated with it, accrued interest on such deposits and loans, and other liabilities determined by government regulation.

In the case of a federation affiliated with La Confédération des caisses populaires et d’économie Desjardins du Québec, the fraction of the liabilities of La Caisse centrale Desjardins du Québec which represents the amount corresponding to the ratio between the total liabilities of the federation and the total liabilities of all the federations that are affiliated with the said confederation shall also be taken into account.

1988, c. 64, s. 391.