C-4.1 - Savings and Credit Unions Act

Section 263 Disposition versions

1999-12-16

263. No credit union may hypothecate or otherwise give as security property held by it, except

(1)  to secure a loan contracted to meet short term requirements for liquid funds;

(2)  to acquire or improve an immovable intended mainly for its own use, in which case the security shall apply only to that immovable;

(3)  to obtain an advance of money under the Deposit Insurance Act (chapter A‐26);

(4)  to subscribe for savings bonds in favour of the Government of Québec or of Canada;

(5)  for any other purpose authorized by the Inspector General and, where applicable, by the federation with which the credit union is affiliated.

Before giving security for any of the purposes referred to in subparagraphs 1 to 4 of the first paragraph, the credit union must obtain the authorization of the federation with which it is affiliated or, if it is not affiliated, of the Inspector General.

An authorization given by the Inspector General under subparagraph 5 of the first paragraph may include conditions and restrictions and may apply to a group of credit unions.

1988, c. 64, s. 263; 1992, c. 57, s. 461; 1999, c. 72, s. 3.

1994-01-01

263. No credit union may hypothecate or otherwise give as security property held by it, except

(1)  to secure a loan contracted to meet short term requirements for liquid funds;

(2)  to acquire or improve an immovable intended mainly for its own use, in which case the security shall apply only to that immovable;

(3)  to obtain an advance of money under the Deposit Insurance Act (chapter A-26);

(4)  to subscribe for savings bonds in favour of the Government of Québec or of Canada.

Before giving such security, the credit union must obtain the authorization of the federation with which it is affiliated or, if it is not affiliated, of the Inspector General.

1988, c. 64, s. 263; 1992, c. 57, s. 461.

1989-03-15

263. No credit union may hypothecate, mortgage, pledge or otherwise give as security property held by it, except

(1)  to secure a loan contracted to meet short term requirements for liquid funds;

(2)  to acquire or improve an immovable intended mainly for its own use, in which case the security shall apply only to that immovable;

(3)  to obtain an advance of money under the Deposit Insurance Act (chapter A-26);

(4)  to subscribe for savings bonds in favour of the Government of Québec or of Canada.

Before giving such security, the credit union must obtain the authorization of the federation with which it is affiliated or, if it is not affiliated, of the Inspector General.

1988, c. 64, s. 263.