C-4.1 - Savings and Credit Unions Act

Full text
425. The investment fund of a federation shall consist of the sums entrusted to the fund as investment deposits by the credit unions which are affiliated with the federation, and of the income derived from the operations of the fund.
The deposits constitute the interest of the depositing credit unions in the net assets of the fund and do not bear interest. However, the credit unions shall share the net income therefrom in accordance with the standards of the confederation with which the federation of which they are members is affiliated or, if it is not affiliated, with government regulations.
1988, c. 64, s. 425; 1996, c. 69, s. 137.
425. The investment fund of a federation shall consist of the sums entrusted to the fund as investment deposits by the credit unions which are affiliated with the federation, and of the income derived from the operations of the fund.
The deposits constitute the interest of the depositing credit unions in the net assets of the fund and do not bear interest. However, the credit unions shall share the net income therefrom in accordance with the by-laws of the confederation with which the federation of which they are members is affiliated or, if it is not affiliated, with government regulations.
1988, c. 64, s. 425.