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C-4.1 - Savings and Credit Unions Act
Section 371
Disposition versions
371. Where a federation considers that a credit union affiliated with it does not practise sound and prudent management, that it contravenes the rules of ethics, that it failed to resolve a conflict of interest, that its financial position is not satisfactory or that its assets are not sufficient to give adequate protection to its depositors, creditors and members, it may
(1) give written instructions to the credit union respecting the measures it considers appropriate to remedy the situation and specify the period within which the credit union is required to comply therewith;
(2) order the credit union, within the period prescribed and for the reasons specified by it, to adopt and implement a compliance program in accordance with its instructions.
The federation may in addition give written instructions to a credit union at the request of the board of audit and ethics of the credit union.
The federation shall, within 10 days, transmit to the confederation with which it is affiliated or, if it is not affiliated, to the Inspector General a copy of the instructions or orders given or issued under this section.
371. Where a federation considers that the financial position of a credit union affiliated with it is not satisfactory or that its assets are not sufficient to give adequate protection to its depositors, creditors and members, it may
(1) give written instructions to the credit union respecting the measures it considers appropriate to remedy the situation and specify the period within which the credit union is required to comply therewith;
(2) order the credit union, within the period prescribed and for the reasons specified by it, to adopt and implement a compliance program in accordance with its instructions.
The federation shall, within 10 days, transmit to the confederation with which it is affiliated or, if it is not affiliated, to the Inspector General a copy of the instructions or orders given or issued under the first paragraph.
