C-4.1 - Savings and Credit Unions Act

Section 395 Disposition versions

1998-04-01

395. Where the Inspector General considers that the capital base of a federation is below the level applicable to it or that it is inadequate in view of the transactions of the federation or of the credit unions affiliated with it, or where he ascertains that the federation has requested additional assistance from the security fund corporation of which the credit unions affiliated with it are members, he may order the federation or, as the case may be, the confederation with which it is affiliated to adopt to his satisfaction, within the time he prescribes and for the reasons he indicates, a compliance program for the federation and the credit unions affiliated with it.

Before exercising the powers set out in the first paragraph, the Inspector General shall, as prescribed by section 5 of the Act respecting administrative justice (chapter J-3), notify the confederation or the federation, as the case may be, of his intention and give it an opportunity to present observations.

1988, c. 64, s. 395; 1996, c. 69, s. 180; 1997, c. 43, s. 116.

1997-02-15

395. Where the Inspector General considers that the capital base of a federation is below the level applicable to it or that it is inadequate in view of the transactions of the federation or of the credit unions affiliated with it, or where he ascertains that the federation has requested additional assistance from the security fund corporation of which the credit unions affiliated with it are members, he may order the federation or, as the case may be, the confederation with which it is affiliated to adopt to his satisfaction, within the time he prescribes and for the reasons he indicates, a compliance program for the federation and the credit unions affiliated with it.

Before exercising the powers set out in the first paragraph, the Inspector General shall notify the confederation or the federation, as the case may be, of his intention and give it an opportunity to present observations.

1988, c. 64, s. 395; 1996, c. 69, s. 180.

1989-03-15

395. Where the Inspector General considers that the capital base of a federation is below the level applicable to it or that it is inadequate in view of the transactions of the federation or of the credit unions affiliated with it, or where he ascertains that the federation has requested additional assistance from the security fund corporation of which the credit unions affiliated with it are members, he may order the federation or, as the case may be, the confederation with which it is affiliated to adopt to his satisfaction, within the time he prescribes and for the reasons he indicates, a compliance program for the federation and the credit unions affiliated with it.

Before exercising the powers set out in the first paragraph, the Inspector General shall notify the confederation or the federation, as the case may be, of his intention and give it an opportunity to be heard.

1988, c. 64, s. 395.