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C-67.3 - Act respecting financial services cooperatives

Section 548
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548. Where the Authority is of the opinion that the value of an immovable securing a claim of a financial services cooperative is less than the amount of the loan granted, including accrued interest, or where the Authority considers the immovable to be insufficient security, the Authority may require the cooperative to cause an appraisal of the immovable to be made by an appraiser who must receive the approval of the Authority, or the Authority may itself cause the appraisal to be made.
The Authority may, following such appraisal, reduce the value of the loan entered in the books of the cooperative.
2000, c. 29, s. 548; 2002, c. 45, s. 326; 2004, c. 37, s. 90.
548. Where the Agency is of the opinion that the value of an immovable securing a claim of a financial services cooperative is less than the amount of the loan granted, including accrued interest, or where the Agency considers the immovable to be insufficient security, the Agency may require the cooperative to cause an appraisal of the immovable to be made by an appraiser who must receive the approval of the Agency, or the Agency may itself cause the appraisal to be made.
The Agency may, following such appraisal, reduce the value of the loan entered in the books of the cooperative.
2000, c. 29, s. 548; 2002, c. 45, s. 326.
548. Where the Inspector General is of the opinion that the value of an immovable securing a claim of a financial services cooperative is less than the amount of the loan granted, including accrued interest, or where the Inspector General considers the immovable to be insufficient security, the Inspector General may require the cooperative to cause an appraisal of the immovable to be made by an appraiser, who must receive the approval of the Inspector General, or the Inspector General may cause the appraisal to be made.
Following the appraisal, the Inspector General may reduce the book value of the loan of the cooperative.
2000, c. 29, s. 548.
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