C-4.1 - Savings and Credit Unions Act

Section 452 Disposition versions

1997-02-15

452. Every confederation may, by by-law, establish a separate fund to purchase permanent shares issued by credit unions that are members of the federations affiliated with it.

The by-law may in addition

(1)  prescribe the conditions and method of operation of such a fund;

(2)  (subparagraph repealed);

(3)  (subparagraph repealed);

(4)  fix for each fiscal year of the fund the assessment that each credit union must pay into the fund, or the method for calculating such assessment;

(5)  (subparagraph repealed);

(6)  (subparagraph repealed).

1988, c. 64, s. 452; 1996, c. 69, s. 146.

1989-03-15

452. Every confederation may, by by-law, establish a separate fund to purchase permanent shares issued by credit unions that are members of the federations affiliated with it.

The by-law may in addition

(1)  prescribe the conditions and method of operation of such a fund;

(2)  designate the trust company entrusted with the administration of the fund, determine its powers and duties, fix the terms of its mandate and the method for determining its remuneration;

(3)  prescribe the maximum amount that the trust company may borrow for the purposes of the fund or the method for determining such amount, the maximum term of the loan, the conditions under which it may be made and the nature of the related security;

(4)  fix for each fiscal year of the fund the assessment that each credit union must pay into the fund, or the method for calculating such assessment;

(5)  order the winding-up of the fund and determine the procedure therefor;

(6)  prescribe any other measure required for the administration of the fund.

1988, c. 64, s. 452.