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C-4.1 - Savings and Credit Unions Act

Section 180
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180. The board of audit and ethics shall report its observations to the board of directors and may, if it considers it appropriate, make recommendations to the board of directors.
The board shall also report its observations to the board of audit and ethics of the federation with which the credit union is affiliated. The observations may pertain to the measures taken by the credit union to ensure that the standards applicable to it are complied with.
The board of audit and ethics of the federation must also be notified, as soon as practicable, of any cases where the rules of ethics were not observed. In the case of an unaffiliated credit union, the Inspector General must be notified.
1988, c. 64, s. 180; 1996, c. 69, s. 55.
180. The board of supervision shall report its findings to the board of directors and to the credit committee and may, if it considers it appropriate, make recommendations to them.
The board of supervision shall also report its findings to the ethics committee of the federation with which the credit union is affiliated. The ethics committee shall also be notified, within 10 days, of any cases where the rules of ethics it adopted were not observed.
1988, c. 64, s. 180.
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