C-67.3 - Act respecting financial services cooperatives

Section 487 Disposition versions

2019-06-13

487. The Government may, upon the application of a federation, constitute a security fund, the mission of the fund being

(1)  to assist in the payment of losses sustained by the members of a credit union that is a member of the fund, in the event of a winding-up;

(2)  to establish and administer a security fund, liquid assets fund or assistance fund for the benefit of the credit unions that are members of the fund;

(3)  to take part in the funding operations of the network;

(4)  to avoid or reduce disbursements by the Authority with respect to the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2).

Before recommending the constitution of a security fund, the Government shall obtain the opinion of the Authority.

2000, c. 29, s. 487; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2009, c. 58, s. 48; 2018, c. 23, s. 811.

2009-12-04

487. The Government may, upon the application of a federation, constitute a security fund, the mission of the fund being

(1)  to assist in the payment of losses sustained by the members of a credit union that is a member of the fund, in the event of a winding-up;

(2)  to establish and administer a security fund, liquid assets fund or assistance fund for the benefit of the credit unions that are members of the fund;

(3)  to take part in the funding operations of the network;

(4)  to avoid or reduce disbursements by the Authority with respect to the Deposit Insurance Act (chapter A-26).

Before recommending the constitution of a security fund, the Government shall obtain the opinion of the Authority.

2000, c. 29, s. 487; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2009, c. 58, s. 48.

2004-12-17

487. The Government may, upon the application of a federation, constitute a security fund, the mission of the fund being

(1)  to assist in the payment of losses sustained by the members of a credit union that is a member of the fund, in the event of a winding-up;

(2)  to establish and administer a security fund, liquid assets fund or assistance fund for the benefit of the credit unions that are members of the fund;

(3)  to take part in the funding operations of the network.

Before recommending the constitution of a security fund, the Government shall obtain the opinion of the Authority.

2000, c. 29, s. 487; 2002, c. 45, s. 338; 2004, c. 37, s. 90.

2004-02-01

487. The Government may, upon the application of a federation, constitute a security fund, the mission of the fund being

(1)  to assist in the payment of losses sustained by the members of a credit union that is a member of the fund, in the event of a winding-up;

(2)  to establish and administer a security fund, liquid assets fund or assistance fund for the benefit of the credit unions that are members of the fund;

(3)  to take part in the funding operations of the network.

Before recommending the constitution of a security fund, the Government shall obtain the opinion of the Agency.

2000, c. 29, s. 487; 2002, c. 45, s. 338.

2001-07-01

487. The Government may, upon the application of a federation, constitute a security fund, the mission of the fund being

(1)  to assist in the payment of losses sustained by the members of a credit union that is a member of the fund, in the event of a winding-up;

(2)  to establish and administer a security fund, liquid assets fund or assistance fund for the benefit of the credit unions that are members of the fund;

(3)  to take part in the funding operations of the network.

Before recommending the constitution of a security fund, the Government shall obtain the opinion of the Inspector General.

2000, c. 29, s. 487.