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C-67.3 - Act respecting financial services cooperatives

Section 113
Disposition versions

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113. Any right of action arising from section 110 or 111 may be exercised by
(1)  the financial services cooperative;
(2)  the federation, if a credit union has neglected to exercise such right of action after having been formally notified to do so by the federation;
(3)  the Authority, if the federation has neglected to exercise such right after having been formally notified to do so pursuant to subparagraph 2;
(4)  the Authority, if the credit union is not a member of a federation and has neglected to exercise such right of action after having been formally notified to do so by the Authority.
Where a federation serves a formal notice in accordance with subparagraph 2, it must, at the same time, transmit a copy to the Authority.
Before exercising a right of action under this section, a federation or the Authority must give the cooperative an opportunity to present observations.
2000, c. 29, s. 113; 2002, c. 45, s. 338; 2004, c. 37, s. 90.
113. Any right of action arising from section 110 or 111 may be exercised by
(1)  the financial services cooperative;
(2)  the federation, if a credit union has neglected to exercise such right of action after having been formally notified to do so by the federation;
(3)  the Agency, if the federation has neglected to exercise such right after having been formally notified to do so pursuant to subparagraph 2;
(4)  the Agency, if the credit union is not a member of a federation and has neglected to exercise such right of action after having been formally notified to do so by the Agency.
Where a federation serves a formal notice in accordance with subparagraph 2, it must, at the same time, transmit a copy to the Agency.
Before exercising a right of action under this section, a federation or the Agency must give the cooperative an opportunity to present observations.
2000, c. 29, s. 113; 2002, c. 45, s. 338.
113. Any right of action arising from section 110 or 111 may be exercised by
(1)  the financial services cooperative;
(2)  the federation, if a credit union has neglected to exercise such right of action after having been formally notified to do so by the federation;
(3)  the Inspector General, if the federation has neglected to exercise such right after having been formally notified to do so pursuant to subparagraph 2;
(4)  the Inspector General, if the credit union is not a member of a federation and has neglected to exercise such right of action after having been formally notified to do so by the Inspector General.
Where a federation serves a formal notice in accordance with subparagraph 2, it must, at the same time, transmit a copy to the Inspector General.
Before exercising a right of action under this section, a federation or the Inspector General must give the cooperative an opportunity to present observations.
2000, c. 29, s. 113.
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