C-4.1 - Savings and Credit Unions Act

Full text
586. A federation shall, in the year following the adoption of the by-laws of the confederation with which it is affiliated, where that is the case, or following approval by the Government of a by-law providing for the establishment of its liquidity fund, deposit fund and investment fund:
(1)  establish, in conjunction with the confederation with which it is affiliated, where such is the case, a plan for allotting its assets to each of these funds;
(2)  carry out, after approval of the allotment plan by the Inspector General and within the time he determines, the allotting of its shares in accordance with the plan and the by-laws which are applicable.
No by-law referred to in the first paragraph may come into force before one year from the date of its adoption or, as the case may be, its approval.
1988, c. 64, s. 586.