C-4.1 - Savings and Credit Unions Act

Section 474 Disposition versions

1989-03-15

474. A holding company shall not acquire shares issued by a legal person mentioned in subparagraphs 1 to 3 of the first paragraph of section 470 for the purpose of acquiring control of it unless the legal person, by a resolution of its boards of directors a copy of which shall be sent to the Inspector General, makes an undertaking to the confederation and the Inspector General

(1)  not to engage in any activity other than those it was exercising at the time of the acquisition as long as it remains controlled by the holding company, unless it has obtained prior authorization in writing from the Inspector General;

(2)  to submit annual financial statements to the Inspector General together with any other statement or information he may require and allow the Inspector General to exercise the powers set out in section 491 to verify the accuracy of the information.

1988, c. 64, s. 474.