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C-4.1 - Savings and Credit Unions Act

Section 469.2
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469.2. Every public issue of securities by a legal person referred to in the first paragraph of section 469.1 and the amount and terms and conditions of such issue must receive the prior approval of a confederation, by resolution.
The confederation shall also determine, by resolution, the apportionment of the proceeds of the issue among the credit unions affiliated with the federations affiliated with the confederation and shall specify, where applicable, the sums to be deposited by a credit union in accordance with the second paragraph of section 408.1.
A resolution of the confederation is binding on the credit unions affiliated with the federations affiliated with the confederation and each such credit union is bound to borrow in the amount resulting from the apportionment made by the confederation, in accordance with subparagraph 6.1 of the first paragraph of section 213.
A resolution of the confederation is also binding on the federations affiliated with the confederation.
A resolution of the confederation shall stand in lieu of a loan resolution for every credit union. The confederation is authorized to perform any acts that are necessary or useful for the purposes of such a resolution, and such acts are deemed to be the acts of a credit union.
1994, c. 38, s. 17; 1995, c. 31, s. 5.
469.2. Every issue of securities by a legal person referred to in the first paragraph of section 469.1 and the amount and terms and conditions of such issue must receive the prior approval of a confederation, by resolution.
The resolution of the confederation shall also determine the apportionment of the proceeds of the issue among the credit unions affiliated with the federations affiliated with the confederation and shall specify, where applicable, the sums to be deposited by a credit union in accordance with the second paragraph of section 408.1.
The resolution of the confederation is binding on the credit unions affiliated with the federations affiliated with the confederation and each such credit union is bound to borrow in the amount resulting from the apportionment made by the confederation, in accordance with subparagraph 6.1 of the first paragraph of section 213.
The resolution of the confederation is also binding on the federations affiliated with the confederation.
1994, c. 38, s. 17.
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