C-4.1 - Savings and Credit Unions Act

Section 390 Disposition versions

1994-06-17

390. The capital base of a federation shall include

(1)  its general reserve and that of each affiliated credit union;

(2)  the qualifying shares issued by each affiliated credit union;

(3)  the preferred shares issued by each affiliated credit union not exceeding 1 % of the liabilities of the federation;

(4)  the permanent shares issued by each affiliated credit union, except the permanent shares held by the confederation with which the federation is affiliated, where that is the case;

(5)  the fraction of the security fund, liquidity fund or mutual aid fund established and administered by the security fund corporation for the benefit of the credit unions affiliated with the federation, which represents the amount corresponding to the ratio between the sum of the deposits received by the federation and the credit unions affiliated with it and the sum of the deposits received by all the credit unions that are members of the corporation and all the federations with which they are affiliated;

(6)  its stabilization reserve and that of affiliated credit unions;

(7)  the fraction of the general reserve of La Caisse centrale Desjardins du Québec which represents the amount corresponding to the ratio between the total liabilities of the federation and the total liabilities of all the federations which are affiliated with La Confédération des caisses populaires et d’économie Desjardins du Québec;

(8)  any other asset determined by government regulation.

For the purposes of subparagraph 5 of the first paragraph, investments made by the security fund corporation in a legal person referred to in the first paragraph of section 469.1 shall be subtracted from the security fund, liquidity fund or mutual aid fund.

1988, c. 64, s. 390; 1994, c. 38, s. 10.

1989-03-15

390. The capital base of a federation shall include

(1)  its general reserve and that of each affiliated credit union;

(2)  the qualifying shares issued by each affiliated credit union;

(3)  the preferred shares issued by each affiliated credit union not exceeding 1 % of the liabilities of the federation;

(4)  the permanent shares issued by each affiliated credit union, except the permanent shares held by the confederation with which the federation is affiliated, where that is the case;

(5)  the fraction of the security fund, liquidity fund or mutual aid fund established and administered by the security fund corporation for the benefit of the credit unions affiliated with the federation, which represents the amount corresponding to the ratio between the sum of the deposits received by the federation and the credit unions affiliated with it and the sum of the deposits received by all the credit unions that are members of the corporation and all the federations with which they are affiliated;

(6)  its stabilization reserve and that of affiliated credit unions;

(7)  the fraction of the general reserve of La Caisse centrale Desjardins du Québec which represents the amount corresponding to the ratio between the total liabilities of the federation and the total liabilities of all the federations which are affiliated with La Confédération des caisses populaires et d’économie Desjardins du Québec;

(8)  any other asset determined by government regulation.

1988, c. 64, s. 390.