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C-4.1 - Savings and Credit Unions Act

Section 511
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511. The Minister, after considering the report of the provisional administrator and on the recommendation of the Inspector General, may
(1)  rescind, on such conditions as he may determine, the suspension of the powers of the board of directors or the board of audit and ethics, or extend such suspension for such period as he may determine;
(2)  dismiss from office the members of the board of directors or the board of audit and ethics and order the provisional administrator to call a special meeting to elect new members;
(3)  order, on such conditions as he may determine, the winding-up of the credit union, federation or confederation and appoint a liquidator.
Any member of the board of directors or the board of audit and ethics who is dismissed from office under this section becomes disqualified from sitting as a member of the board of directors or the board of audit and ethics of any credit union, federation, confederation or a legal person belonging to the same group for a period of five years from the date of his dismissal.
1988, c. 64, s. 511; 1996, c. 69, s. 169.
511. The Minister, after considering the report of the provisional administrator and on the recommendation of the Inspector General, may
(1)  rescind, on such conditions as he may determine, the suspension of the powers of the board of directors, of the credit committee or of the board of supervision, or extend such suspension for such period as he may determine;
(2)  dismiss from office the members of the board of directors, of the credit committee or of the board of supervision and order the provisional administrator to call a special meeting to elect new members;
(3)  order, on such conditions as he may determine, the winding-up of the credit union, federation or confederation and appoint a liquidator.
Any member of the board of directors, of the credit committee or of the board of supervision who is dismissed from office under this section becomes disqualified from sitting as a member of the board of directors, of the credit committee or of the board of supervision of any credit union, federation or confederation for a period of five years from the date of his dismissal.
1988, c. 64, s. 511.
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