C-4.1 - Savings and Credit Unions Act

Section 438 Disposition versions

1999-12-16

438. The annual report of a federation must include, in addition to the information prescribed under Chapter XVII of Title II,

(1)  a statement of the deposits made by the credit unions affiliated with it in each of its funds, established according to the various classes of deposits, according to their respective maturity dates, and showing the average annual return obtained by each class;

(2)  a statement of the credit extended and investments made out of each fund, established according to the various classes of credit or investments, according to their respective maturity dates, and showing the average annual return obtained by each class;

(3)  the net value of the investment fund and the method for calculating the value of the fund;

(4)  a statement showing the consolidation value of any investment in shares of the same legal person carrying 20 % or more of the voting rights and any investment in voting shares of a controlled legal person;

(5)  the statements prescribed under paragraph 4 of section 303, presented in combined form, according to generally accepted accounting principles.

The Inspector General may, in respect of the financial statements he indicates and where the Inspector General considers it expedient, prescribe accounting standards that include particular requirements or requirements different from those applicable according to generally accepted accounting principles.

The annual report of a federation not affiliated with a confederation shall be accompanied with the financial statements of every legal person controlled by it.

1988, c. 64, s. 438; 1999, c. 72, s. 6.

1989-03-15

438. The annual report of a federation must include, in addition to the information prescribed under Chapter XVII of Title II,

(1)  a statement of the deposits made by the credit unions affiliated with it in each of its funds, established according to the various classes of deposits, according to their respective maturity dates, and showing the average annual return obtained by each class;

(2)  a statement of the credit extended and investments made out of each fund, established according to the various classes of credit or investments, according to their respective maturity dates, and showing the average annual return obtained by each class;

(3)  the net value of the investment fund and the method for calculating the value of the fund;

(4)  a statement showing the consolidation value of any investment in shares of the same legal person carrying 20 % or more of the voting rights and any investment in voting shares of a controlled legal person;

(5)  the statements prescribed under paragraph 4 of section 303, presented in combined form, according to generally accepted accounting principles.

The annual report of a federation not affiliated with a confederation shall be accompanied with the financial statements of every legal person controlled by it.

1988, c. 64, s. 438.