C-4.1 - Savings and Credit Unions Act

Section 256 Disposition versions

2003-02-28

256. In addition to credit extended in accordance with this Act and sums deposited with a bank, or with a registered institution within the meaning of the Deposit Insurance Act (chapter A-26) or in funds referred to in Chapter VIII of Title III, established by the federation with which it is affiliated, a credit union may make investments in the following property:

(1)  bonds or other debt securities issued or guaranteed by the Government of Québec or of Canada, by a municipality or school board in Québec, by the Comité de gestion de la taxe scolaire de l’île de Montréal, by a fabrique in Québec, or by an ecclesiastical, religious or cemetery corporation in Québec;

(2)  bonds or other debt securities issued by a legal person operating a public service in Canada and vested with the right to fix rates attached to the service;

(3)  bonds or other debt securities secured by an undertaking to a trustee by the Government of Québec or of Canada to pay sufficient subsidies to pay the interest and principal at their respective maturity dates;

(4)  bonds issued by a cooperative governed by the Cooperatives Act (chapter C-67.2), a federation of such cooperatives or a legal person controlled by such a cooperative or by a federation of such cooperatives

(a)  if they are secured by first hypothec on immovables and equipment;

(b)  if they are secured by first hypothec on immovables in Québec and if the amount of the debt is not more than 75 % of the value of the immovables securing payment thereof; or

(c)  if they are secured by first hypothec on equipment and if the issuer has paid in full the interest on his other loans during the 10 years preceding the acquisition;

(5)  preferred shares or any debt securities other than those described in paragraph 4 issued by a cooperative governed by the Cooperatives Act, a federation of such cooperatives, or a legal person controlled by such a cooperative or by a federation of such cooperatives;

(6)  bonds or other debt securities issued by persons other than those described in paragraph 4 and secured by immovables situated in Québec, if the amount of the debt is not more than 75 % of the value of the immovables securing payment thereof, after deducting the other debts secured by the same immovables and ranking equally with or prior to the debt;

(7)  immovables securing payment of a debt owing to it, in order to ensure total or partial payment of such debt;

(8)  immovables situated in Québec, other than those mentioned in paragraph 7, to the extent that the immovables serve mainly for its own use or are acquired out of the sums allocated to the social fund or community fund.

1988, c. 64, s. 256; 1992, c. 57, s. 460; 2002, c. 75, s. 33.

1994-01-01

256. In addition to credit extended in accordance with this Act and sums deposited with a bank, or with a registered institution within the meaning of the Deposit Insurance Act (chapter A-26) or in funds referred to in Chapter VIII of Title III, established by the federation with which it is affiliated, a credit union may make investments in the following property:

(1)  bonds or other debt securities issued or guaranteed by the Government of Québec or of Canada, by a municipality or school board in Québec, by the Conseil scolaire de l’île de Montréal, by a fabrique in Québec, or by an ecclesiastical, religious or cemetery corporation in Québec;

(2)  bonds or other debt securities issued by a legal person operating a public service in Canada and vested with the right to fix rates attached to the service;

(3)  bonds or other debt securities secured by an undertaking to a trustee by the Government of Québec or of Canada to pay sufficient subsidies to pay the interest and principal at their respective maturity dates;

(4)  bonds issued by a cooperative governed by the Cooperatives Act (chapter C-67.2), a federation of such cooperatives or a legal person controlled by such a cooperative or by a federation of such cooperatives

(a)  if they are secured by first hypothec on immovables and equipment;

(b)  if they are secured by first hypothec on immovables in Québec and if the amount of the debt is not more than 75 % of the value of the immovables securing payment thereof; or

(c)  if they are secured by first hypothec on equipment and if the issuer has paid in full the interest on his other loans during the 10 years preceding the acquisition;

(5)  preferred shares or any debt securities other than those described in paragraph 4 issued by a cooperative governed by the Cooperatives Act, a federation of such cooperatives, or a legal person controlled by such a cooperative or by a federation of such cooperatives;

(6)  bonds or other debt securities issued by persons other than those described in paragraph 4 and secured by immovables situated in Québec, if the amount of the debt is not more than 75 % of the value of the immovables securing payment thereof, after deducting the other debts secured by the same immovables and ranking equally with or prior to the debt;

(7)  immovables securing payment of a debt owing to it, in order to ensure total or partial payment of such debt;

(8)  immovables situated in Québec, other than those mentioned in paragraph 7, to the extent that the immovables serve mainly for its own use or are acquired out of the sums allocated to the social fund or community fund.

1988, c. 64, s. 256; 1992, c. 57, s. 460.

1989-03-15

256. In addition to credit extended in accordance with this Act and sums deposited with a bank, or with a registered institution within the meaning of the Deposit Insurance Act (chapter A-26) or in funds referred to in Chapter VIII of Title III, established by the federation with which it is affiliated, a credit union may make investments in the following property:

(1)  bonds or other debt securities issued or guaranteed by the Government of Québec or of Canada, by a municipality or school board in Québec, by the Conseil scolaire de l’île de Montréal, by a fabrique in Québec, or by an ecclesiastical, religious or cemetery corporation in Québec;

(2)  bonds or other debt securities issued by a legal person operating a public service in Canada and vested with the right to fix rates attached to the service;

(3)  bonds or other debt securities secured by an undertaking to a trustee by the Government of Québec or of Canada to pay sufficient subsidies to pay the interest and principal at their respective maturity dates;

(4)  bonds issued by a cooperative governed by the Cooperatives Act (chapter C-67.2), a federation of such cooperatives or a legal person controlled by such a cooperative or by a federation of such cooperatives

(a)  if they are secured by first privilege or hypothec on immovables and equipment;

(b)  if they are secured by first hypothec on immovables in Québec and if the amount of the debt is not more than 75 % of the value of the immovables securing payment thereof; or

(c)  if they are secured by first privilege on equipment and if the issuer has paid in full the interest on his other loans during the 10 years preceding the acquisition;

(5)  preferred shares or any debt securities other than those described in paragraph 4 issued by a cooperative governed by the Cooperatives Act, a federation of such cooperatives, or a legal person controlled by such a cooperative or by a federation of such cooperatives;

(6)  bonds or other debt securities issued by persons other than those described in paragraph 4 and secured by immovables situated in Québec, if the amount of the debt is not more than 75 % of the value of the immovables securing payment thereof, after deducting the other debts secured by the same immovables and ranking equally with or prior to the debt;

(7)  immovables securing payment of a debt owing to it, in order to ensure total or partial payment of such debt;

(8)  immovables situated in Québec, other than those mentioned in paragraph 7, to the extent that the immovables serve mainly for its own use or are acquired out of the sums allocated to the social fund or community fund.

1988, c. 64, s. 256.