C-4.1 - Savings and Credit Unions Act

Section 417 Disposition versions

1994-06-17

417. Any sum deposited into a fund by a credit union constitutes a claim against the federation. However, only the net value of deposits made into the investment fund constitutes a claim.

Every deposit becomes payable upon the winding-up of the federation or depositing credit union or upon the disaffiliation of the credit union. Deposits into the fund referred to in the second paragraph of section 408.1 constitute claims ranking equally with one another and are subordinated in rank of payment to all other indebtedness of the federation.

1988, c. 64, s. 417; 1994, c. 38, s. 15.

1989-03-15

417. Any sum deposited into a fund by a credit union constitutes a claim against the federation. However, only the net value of deposits made into the investment fund constitutes a claim.

Every deposit becomes payable upon the winding-up of the federation or depositing credit union or upon the disaffiliation of the credit union.

1988, c. 64, s. 417.