C-4.1 - Savings and Credit Unions Act

Section 345 Disposition versions

1997-02-15

345. The directors of a federation shall be elected from among the directors of the credit unions affiliated with it or from among persons meeting the requirements prescribed by by-law of the federation.

The following persons are disqualified from holding office as a director:

(1)  a representative of a credit union affiliated for less than 90 days, except in the case of a founding credit union;

(2)  an employee of the federation, unless he is the general manager;

(3)  an employee of the confederation with which the federation is affiliated or an employee of a legal person belonging to the same group as the federation, where that is the case;

(4)  a member of the board of audit and ethics of the federation;

(5)  an officer of another federation within the meaning of section 187, or an employee of another federation;

(6)  a person of full age under protective supervision or a person totally or partially deprived of the exercise of his civil rights;

(7)  an undischarged bankrupt;

(8)  a person convicted, in the past five years, of an offence or an indictable offence involving fraud or dishonesty, unless he has obtained a pardon.

The federation shall determine by by-law the number of directors, which shall not be less than five.

Moreover, in no case may the majority of the members of the board of directors consist of the general manager of the federation, general managers of affiliated credit unions and persons referred to in the by-laws of the federation.

1988, c. 64, s. 345; 1989, c. 54, s. 195; 1996, c. 69, s. 101.

1990-12-23

345. The directors of a federation shall be elected from among the directors of the credit unions affiliated with it or from among persons meeting the requirements prescribed by by-law of the federation.

The following persons are disqualified from holding office as a director:

(1)  a representative of a credit union affiliated for less than 90 days, except in the case of a founding credit union;

(2)  an employee of the federation, unless he is the general manager;

(3)  an employee of the confederation with which the federation is affiliated or an employee of a legal person belonging to the same group as the federation, where that is the case;

(4)  a member of the credit committee or of the board of supervision of the federation;

(5)  an officer of another federation within the meaning of section 187, or an employee of another federation;

(6)  a person of full age under tutorship or curatorship or a person declared incapable by a court, even a foreign court;

(7)  an undischarged bankrupt.

Moreover, in no case may the majority of the members of the board of directors consist of the general manager of the federation, general managers of affiliated credit unions and persons referred to in the by-laws of the federation.

1988, c. 64, s. 345; 1989, c. 54, s. 195.