C-4.1 - Savings and Credit Unions Act

Section 483 Disposition versions

1989-03-15

483. Where the Inspector General is of the opinion that the value of an immovable property securing a claim of a credit union or federation is less than the amount of the loan granted, including accrued interest, or where he considers the immovable property to be insufficient security, he may require the credit union or federation, as the case may be, to cause an appraisal of the immovable property to be made by an appraiser approved by him or he may himself cause it to be made.

Following the appraisal, the Inspector General may reduce the book value of the loan of the credit union or federation.

1988, c. 64, s. 483.