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C-4.1 - Savings and Credit Unions Act
Section 204
Disposition versions
204. Any right of action arising from section 200, 201 or 202 may be exercised by
(1) the credit union;
(2) the federation with which the credit union is affiliated, in its capacity as a mandatary of the credit union, if the credit union has neglected to exercise such right of action after having been formally notified to do so by the federation;
(3) the Inspector General, if the federation with which the credit union is affiliated neglects to act following the service of the formal notice mentioned in subparagraph 2;
(4) the Inspector General, if the credit union is not affiliated with a federation and has neglected to exercise such right of action after having been formally notified to do so by the Inspector General.
Where a federation serves a formal notice in accordance with subparagraph 2, it must, at the same time, transmit a copy to the Inspector General.
Before exercising its right of action under this section, a federation or the Inspector General must give the credit union an opportunity to present observations.
204. Any right of action arising from section 200, 201 or 202 may be exercised by
(1) the credit union;
(2) the federation with which the credit union is affiliated, in its capacity as a mandatary of the credit union, if the credit union has neglected to exercise such right of action after having been formally notified to do so by the federation;
(3) the Inspector General, if the federation with which the credit union is affiliated neglects to act following the service of the formal notice mentioned in subparagraph 2;
(4) the Inspector General, if the credit union is not affiliated with a federation and has neglected to exercise such right of action after having been formally notified to do so by the Inspector General.
Where a federation serves a formal notice in accordance with subparagraph 2, it must, at the same time, transmit a copy to the Inspector General.
Before exercising its right of action under this section, a federation or the Inspector General must give the credit union an opportunity to be heard.
