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C-67.3 - Act respecting financial services cooperatives

Section 574
Disposition versions

Full text
574. (Repealed).
2000, c. 29, s. 574; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2008, c. 7, s. 70.
574. The Minister may, after obtaining the advice of the Authority, suspend the powers of the board of a financial services cooperative and appoint a provisional administrator to exercise the powers of the cooperative for such period as the Minister may determine, if the Minister has grounds to believe
(1)  that the credit union or network has failed to maintain a capital base meeting the requirements of this Act;
(2)  that the assets of the financial services cooperative are inadequate to ensure effective protection of the depositors, creditors and members;
(3)  that the financial services cooperative does not adhere to sound and prudent management practices;
(4)  that the financial services cooperative has failed to comply with the Authority’s written instructions concerning a compliance program;
(5)  that there has been misappropriation of property;
(6)  that a serious fault has been committed, in particular, embezzlement or breach of trust by members of the board of a financial services cooperative, or that such members have been seriously remiss in the performance of the obligations imposed on them by this Act or a government regulation thereunder.
The provisional administrator may authorize any person to exercise the powers set out in the first paragraph.
2000, c. 29, s. 574; 2002, c. 45, s. 338; 2004, c. 37, s. 90.
574. The Minister may, after obtaining the advice of the Agency, suspend the powers of the board of a financial services cooperative and appoint a provisional administrator to exercise the powers of the cooperative for such period as the Minister may determine, if the Minister has grounds to believe
(1)  that the credit union or network has failed to maintain a capital base meeting the requirements of this Act;
(2)  that the assets of the financial services cooperative are inadequate to ensure effective protection of the depositors, creditors and members;
(3)  that the financial services cooperative does not adhere to sound and prudent management practices;
(4)  that the financial services cooperative has failed to comply with the Agency’s written instructions concerning a compliance program;
(5)  that there has been misappropriation of property;
(6)  that a serious fault has been committed, in particular, embezzlement or breach of trust by members of the board of a financial services cooperative, or that such members have been seriously remiss in the performance of the obligations imposed on them by this Act or a government regulation thereunder.
The provisional administrator may authorize any person to exercise the powers set out in the first paragraph.
2000, c. 29, s. 574; 2002, c. 45, s. 338.
574. The Minister may, after obtaining the advice of the Inspector General, suspend the powers of the board of a financial services cooperative and appoint a provisional administrator to exercise the powers of the cooperative for such period as the Minister may determine, if the Minister has grounds to believe
(1)  that the credit union or network has failed to maintain a capital base meeting the requirements of this Act;
(2)  that the assets of the financial services cooperative are inadequate to ensure effective protection of the depositors, creditors and members;
(3)  that the financial services cooperative does not adhere to sound and prudent management practices;
(4)  that the financial services cooperative has failed to comply with the Inspector General’s written instructions concerning a compliance program;
(5)  that there has been misappropriation of property;
(6)  that a serious fault has been committed, in particular, embezzlement or breach of trust by members of the board of a financial services cooperative, or that such members have been seriously remiss in the performance of the obligations imposed on them by this Act or a government regulation thereunder.
The provisional administrator may authorize any person to exercise the powers set out in the first paragraph.
2000, c. 29, s. 574.
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