C-67.3 - Act respecting financial services cooperatives

Full text
377. (Repealed).
2000, c. 29, s. 377; 2002, c. 45, s. 318; 2004, c. 37, s. 90; 2005, c. 35, s. 35; 2008, c. 7, s. 63; 2018, c. 23, s. 229.
377. Where the federation considers that a credit union does not adhere to sound and prudent management practices or sound commercial practices, that it has contravened this Act or a normative instrument adopted under this Act, that it has failed to resolve a conflict of interest, that its financial position is not satisfactory or that its assets are not sufficient to give adequate protection to its depositors, creditors and members, it may
(1)  give written instructions to the credit union respecting the measures it considers appropriate to remedy the situation and specify the period within which the credit union is required to comply therewith;
(2)  order the credit union, within the period prescribed and for the reasons specified by the federation, to adopt and implement a compliance program in accordance with its directives; or
(3)  enter into an agreement with the board of supervision of the credit union entrusting the federation with the supervision, direction or administration of the affairs of the credit union for a specified period.
The federation may in addition give written instructions to a credit union at the request of the board of supervision of the credit union.
The federation shall, within 10 days, transmit to the Authority a copy of the instructions or orders given or issued under this section.
2000, c. 29, s. 377; 2002, c. 45, s. 318; 2004, c. 37, s. 90; 2005, c. 35, s. 35; 2008, c. 7, s. 63.
377. Where the federation considers that a credit union does not practise sound and prudent management, that it has contravened this Act or a normative instrument adopted under this Act, that it has failed to resolve a conflict of interest, that its financial position is not satisfactory or that its assets are not sufficient to give adequate protection to its depositors, creditors and members, it may
(1)  give written instructions to the credit union respecting the measures it considers appropriate to remedy the situation and specify the period within which the credit union is required to comply therewith;
(2)  order the credit union, within the period prescribed and for the reasons specified by the federation, to adopt and implement a compliance program in accordance with its directives; or
(3)  enter into an agreement with the board of supervision of the credit union entrusting the federation with the supervision, direction or administration of the affairs of the credit union for a specified period.
The federation may in addition give written instructions to a credit union at the request of the board of supervision of the credit union.
The federation shall, within 10 days, transmit to the Authority a copy of the instructions or orders given or issued under this section.
2000, c. 29, s. 377; 2002, c. 45, s. 318; 2004, c. 37, s. 90; 2005, c. 35, s. 35.
377. Where the federation considers that a credit union does not practise sound and prudent management, that it has contravened this Act or a normative instrument adopted under this Act, that it has failed to resolve a conflict of interest, that its financial position is not satisfactory or that its assets are not sufficient to give adequate protection to its depositors, creditors and members, it may
(1)  give written instructions to the credit union respecting the measures it considers appropriate to remedy the situation and specify the period within which the credit union is required to comply therewith;
(2)  order the credit union, within the period prescribed and for the reasons specified by the federation, to adopt and implement a compliance program in accordance with its directives; or
(3)  enter into an agreement with the board of audit and ethics of the credit union entrusting the federation with the supervision, direction or administration of the affairs of the credit union for a specified period.
The federation may in addition give written instructions to a credit union at the request of the board of audit and ethics of the credit union.
The federation shall, within 10 days, transmit to the Authority a copy of the instructions or orders given or issued under this section.
2000, c. 29, s. 377; 2002, c. 45, s. 318; 2004, c. 37, s. 90.
377. Where the federation considers that a credit union does not practise sound and prudent management, that it has contravened this Act or a normative instrument adopted under this Act, that it has failed to resolve a conflict of interest, that its financial position is not satisfactory or that its assets are not sufficient to give adequate protection to its depositors, creditors and members, it may
(1)  give written instructions to the credit union respecting the measures it considers appropriate to remedy the situation and specify the period within which the credit union is required to comply therewith;
(2)  order the credit union, within the period prescribed and for the reasons specified by the federation, to adopt and implement a compliance program in accordance with its directives; or
(3)  enter into an agreement with the board of audit and ethics of the credit union entrusting the federation with the supervision, direction or administration of the affairs of the credit union for a specified period.
The federation may in addition give written instructions to a credit union at the request of the board of audit and ethics of the credit union.
The federation shall, within 10 days, transmit to the Agency a copy of the instructions or orders given or issued under this section.
2000, c. 29, s. 377; 2002, c. 45, s. 318.
377. Where the federation considers that a credit union does not practise sound and prudent management, that it has contravened this Act or a normative instrument adopted under this Act, that it has failed to resolve a conflict of interest, that its financial position is not satisfactory or that its assets are not sufficient to give adequate protection to its depositors, creditors and members, it may
(1)  give written instructions to the credit union respecting the measures it considers appropriate to remedy the situation and specify the period within which the credit union is required to comply therewith;
(2)  order the credit union, within the period prescribed and for the reasons specified by the federation, to adopt and implement a compliance program in accordance with its directives; or
(3)  enter into an agreement with the board of audit and ethics of the credit union entrusting the federation with the supervision, direction or administration of the affairs of the credit union for a specified period.
The federation may in addition give written instructions to a credit union at the request of the board of audit and ethics of the credit union.
The federation shall, within 10 days, transmit to the Inspector General a copy of the instructions or orders given or issued under this section.
2000, c. 29, s. 377.