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C-4.1 - Savings and Credit Unions Act

Section 259
Disposition versions

Full text
259. (Repealed).
1988, c. 64, s. 259; 1996, c. 69, s. 83.
259. A credit union shall dispose of the shares held by it in a legal person where any such shares are directly or indirectly acquired by the holding company controlled by the confederation with which the federation of which the credit union is a member is affiliated.
The credit union shall dispose of the shares within two years. The two-year period begins to run from the date of acquisition of the shares by the holding company or by the legal person controlled by the holding company.
The Inspector General may grant an extension on the conditions he determines.
1988, c. 64, s. 259.
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