C-67.3 - Act respecting financial services cooperatives

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81. No federation may, without the Authority’s permission, grant a hypothec or other security on its movable property, except
(1)  to secure a loan contracted to meet short term requirements for liquid funds or any loan contracted with the Bank of Canada;
(2)  (subparagraph repealed);
(3)  to obtain an advance of money under section 40.5 of the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2) or, if it receives deposits from outside Québec, to obtain an advance from a federal or provincial body that guarantees or insures deposits;
(4)  (subparagraph repealed);
(5)  to become a member of a securities clearing-house or of any association the object of which is to organize a clearing and settlement system for instruments of payment or securities transactions, and to provide the necessary guarantees;
(6)  to act on behalf of its members or users for the clearing and settlement of instruments of payment or securities transactions;
(7)  (subparagraph repealed);
(8)  (subparagraph repealed).
The Authority may, in granting its permission, require any undertaking it considers necessary to ensure compliance with this Act.
2000, c. 29, s. 81; 2002, c. 45, s. 307; 2004, c. 37, s. 90; 2018, c. 23, s. 71.
81. No federation may, without the Authority’s permission, grant a hypothec or other security on its movable property, except
(1)  to secure a loan contracted to meet short term requirements for liquid funds or any loan contracted with the Bank of Canada;
(2)  (subparagraph repealed);
(3)  to obtain an advance of money under section 40.5 of the Deposit Institutions and Deposit Protection Act (chapter A‐26) or, if it receives deposits from outside Québec, to obtain an advance from a federal or provincial body that guarantees or insures deposits;
(4)  (subparagraph repealed);
(5)  to become a member of a securities clearing-house or of any association the object of which is to organize a clearing and settlement system for instruments of payment or securities transactions, and to provide the necessary guarantees;
(6)  to act on behalf of its members or users for the clearing and settlement of instruments of payment or securities transactions;
(7)  (subparagraph repealed);
(8)  (subparagraph repealed).
The Authority may, in granting its permission, require any undertaking it considers necessary to ensure compliance with this Act.
2000, c. 29, s. 81; 2002, c. 45, s. 307; 2004, c. 37, s. 90; 2018, c. 23, s. 71.
See special transitional provisions, S.Q. 2018, c. 23, s. 338.
81. No financial services cooperative may hypothecate property or otherwise give property as security, except
(1)  to secure a loan contracted to meet short term requirements for liquid funds;
(2)  to acquire or improve an immovable intended mainly for its own use, in which case the security shall apply only to that immovable;
(3)  to obtain an advance of money under section 40 of the Deposit Insurance Act (chapter A‐26);
(4)  to subscribe for savings bonds in favour of the Gouvernement du Québec or the Government of Canada;
(5)  to become a member of a securities clearing-house recognized by the Authority as a self-regulatory organization or of any association the object of which is to organize a clearing and settlement system for instruments of payment or securities transactions, and to provide the necessary guarantees;
(6)  to act in the stead of La Caisse centrale Desjardins du Québec, if the latter is in default, on behalf of the members of La Caisse centrale Desjardins du Québec and any other person for the clearing and settlement of instruments of payment or securities transactions;
(7)  to secure solidarily the obligations of La Caisse centrale Desjardins du Québec and those of any other person, where La Caisse centrale Desjardins du Québec acts on behalf of its members and any other person for the clearing and settlement of instruments of payment or securities transactions;
(8)  for any other purpose authorized by the Authority or, in the case of a credit union, by the federation and the Authority.
2000, c. 29, s. 81; 2002, c. 45, s. 307; 2004, c. 37, s. 90.
81. No financial services cooperative may hypothecate property or otherwise give property as security, except
(1)  to secure a loan contracted to meet short term requirements for liquid funds;
(2)  to acquire or improve an immovable intended mainly for its own use, in which case the security shall apply only to that immovable;
(3)  to obtain an advance of money under section 40 of the Deposit Insurance Act (chapter A‐26);
(4)  to subscribe for savings bonds in favour of the Gouvernement du Québec or the Government of Canada;
(5)  to become a member of a securities clearing-house recognized by the Agency as a self-regulatory organization or of any association the object of which is to organize a clearing and settlement system for instruments of payment or securities transactions, and to provide the necessary guarantees;
(6)  to act in the stead of La Caisse centrale Desjardins du Québec, if the latter is in default, on behalf of the members of La Caisse centrale Desjardins du Québec and any other person for the clearing and settlement of instruments of payment or securities transactions;
(7)  to secure solidarily the obligations of La Caisse centrale Desjardins du Québec and those of any other person, where La Caisse centrale Desjardins du Québec acts on behalf of its members and any other person for the clearing and settlement of instruments of payment or securities transactions;
(8)  for any other purpose authorized by the Agency or, in the case of a credit union, by the federation and the Agency.
2000, c. 29, s. 81; 2002, c. 45, s. 307.
81. No financial services cooperative may hypothecate property or otherwise give property as security, except
(1)  to secure a loan contracted to meet short term requirements for liquid funds;
(2)  to acquire or improve an immovable intended mainly for its own use, in which case the security shall apply only to that immovable;
(3)  to obtain an advance of money under section 40 of the Deposit Insurance Act (chapter A‐26);
(4)  to subscribe for savings bonds in favour of the Gouvernement du Québec or the Government of Canada;
(5)  to become a member of a securities clearing-house recognized by the Commission des valeurs mobilières du Québec as a self-regulatory organization or of any association the object of which is to organize a clearing and settlement system for instruments of payment or securities transactions, and to provide the necessary guarantees;
(6)  to act in the stead of La Caisse centrale Desjardins du Québec, if the latter is in default, on behalf of the members of La Caisse centrale Desjardins du Québec and any other person for the clearing and settlement of instruments of payment or securities transactions;
(7)  to secure solidarily the obligations of La Caisse centrale Desjardins du Québec and those of any other person, where La Caisse centrale Desjardins du Québec acts on behalf of its members and any other person for the clearing and settlement of instruments of payment or securities transactions;
(8)  for any other purpose authorized by the Inspector General or, in the case of a credit union, by the federation and the Inspector General.
2000, c. 29, s. 81.