C-4.1 - Savings and Credit Unions Act

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408.1. Notwithstanding section 408, a federation affiliated with a confederation may acquire and hold subordinated debt securities issued by a security fund corporation.
Any such acquisition shall be made out of the sums deposited by the credit unions affiliated with the federation in a fund established for such purpose in accordance with section 415. The sums deposited by a credit union in the fund shall be in the amount determined under the second paragraph of section 469.2 and shall consist solely of all or part of the proceeds received by the credit union following the issue of subordinated debt securities under subparagraph 6.1 of the first paragraph of section 213.
1994, c. 38, s. 14; 1995, c. 31, s. 4.
408.1. Notwithstanding section 408, a federation affiliated with a confederation may, with the authorization of the Inspector General and subject to such conditions and restrictions as he may determine, acquire and hold subordinated debt securities issued by a security fund corporation.
Any such acquisition shall be made out of the sums deposited by the credit unions affiliated with the federation in a fund established for such purpose in accordance with section 415. The sums deposited by a credit union in the fund shall be in the amount determined under the second paragraph of section 469.2 and shall consist solely of all or part of the proceeds received by the credit union following the issue of subordinated debt securities under subparagraph 6.1 of the first paragraph of section 213.
1994, c. 38, s. 14.