C-67.3 - Act respecting financial services cooperatives

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407.1. If a credit union fails to comply with written instructions or an order under section 402.1 or if, after expiry of the 30‑day period provided for in the first paragraph of section 403, the findings or recommendations contained in the report of the provisional administrator under section 406 so warrant, the federation may take one or more of the following measures:
(1)  enter with the board of supervision of the credit union into an agreement entrusting the federation with the supervision, management or administration of the affairs of the credit union for a specified period;
(2)  designate a person to work, under the control of the federation, with the board of directors, an officer or a manager for the period determined by the federation; and
(3)  suspend the powers of a board for the period determined by the federation or extend the 30‑day suspension ordered under section 403, dismiss and replace an officer or manager of the credit union, or appoint a provisional administrator or extend his or her term, as the case may be.
Before exercising the powers under the first paragraph, the federation must notify the credit union and any officers or managers concerned of its intention and give them an opportunity to present observations.
2018, c. 23, s. 243.