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C-4.1 - Savings and Credit Unions Act

Section 516
Disposition versions

Full text
516. The Government may, by regulation,
(1)  prescribe the fees exigible for any formality or procedure under this Act or a government regulation thereunder and for the examination or reproduction of documents and prescribe the terms and conditions of payment of such fees;
(2)  prescribe, for the purposes of sections 36, 48 and 60, the documents which must be filed with articles of incorporation;
(3)  prescribe standards, conditions and restrictions relating to the credit that an unaffiliated credit union may extend to its members;
(4)  determine the assets which, in addition to those provided for in this Act, may be added to or deducted from the capital base of a credit union or federation as well as the proportion of these assets to each other and the conditions and limitations attaching to them;
(5)  determine the liabilities which, in addition to those provided for in this Act, constitute a liability of a credit union or federation;
(5.1)  prescribe minimum requirements for a subordinated debt security referred to in subparagraph 6.1 of the first paragraph of section 213;
(5.2)  determine, for the purposes of paragraph 8 of section 213, the cases where a credit union or federation may not acquire or transfer claims;
(6)  prescribe standards relating to the valuation of the assets and liabilities of a credit union or federation;
(7)  determine the additional information that must be stated by the auditor in a report under section 291 or 299;
(8)  determine the additional information that must appear in the annual report of a credit union, federation or confederation;
(9)  prescribe standards relating to the accounting, on a combined basis, of the assets and liabilities which constitute the capital base and liabilities of a federation, of the credit unions affiliated with the federation and, where applicable, of La Caisse centrale Desjardins du Québec;
(10)  prescribe standards respecting the adequacy of the capital stock, general reserve and liquid assets that are applicable to a federation not affiliated with a confederation;
(11)  prescribe conditions and restrictions governing the flow of information within a credit union or a federation, to and from a credit union and legal persons belonging to the same group as the federation with which the credit union is affiliated or to and from a credit union, or a federation, and a restricted party, with a view to reducing the risks of conflicts of interest;
(12)  prescribe standards designed to ensure the protection of the public and the confidentiality of information where a credit union or a federation offers for sale the products of a financial institution;
(13)  prescribe standards governing arrangements between a credit union and a federation with which it is affiliated and legal persons belonging to the same group as such federation for the sale of their financial products, and conditions permitting such arrangements to be made;
(14)  prescribe the time when and the manner in which the persons who make transactions with a credit union must be informed of the charges on services offered by the credit union;
(15)  prescribe the time when and the manner in which depositors must be informed of the rates and method of computing interest on their deposits, and the other requirements for their valid information;
(16)  limit, in the cases it determines, the total par value of permanent shares that credit unions may issue to each of their members;
(17)  prescribe standards relating to the disclosure of the characteristics of the various shares which credit unions may issue and conditions governing their issue on the market;
(18)  determine from among the regulatory provisions made under this section those the contravention of which constitutes an offence;
(19)  identify the public authorities referred to in subparagraph 6 of the first paragraph of section 20;
(20)  determine, for the purposes of subparagraph 7 of the first paragraph of section 20, the cases where the name of a credit union may falsely suggest that it is related to another person, partnership or group;
(21)  determine the criteria to be taken into account for the purposes of subparagraphs 7 and 8 of the first paragraph of section 20.
1988, c. 64, s. 516; 1994, c. 38, s. 23; 1996, c. 69, s. 170; 1999, c. 72, s. 8.
516. The Government may, by regulation,
(1)  prescribe the fees exigible for any formality or procedure under this Act or a government regulation thereunder and for the examination or reproduction of documents and prescribe the terms and conditions of payment of such fees;
(2)  prescribe, for the purposes of sections 36, 48 and 60, the documents which must be filed with articles of incorporation;
(3)  prescribe standards, conditions and restrictions relating to the credit that an unaffiliated credit union may extend to its members;
(4)  determine the assets which, in addition to those provided for in this Act, may be added to or deducted from the capital base of a credit union or federation as well as the proportion of these assets to each other and the conditions and limitations attaching to them;
(5)  determine the liabilities which, in addition to those provided for in this Act, constitute a liability of a credit union or federation;
(5.1)  prescribe minimum requirements for a subordinated debt security referred to in subparagraph 6.1 of the first paragraph of section 213;
(6)  prescribe standards relating to the valuation of the assets and liabilities of a credit union or federation;
(7)  determine the additional information that must be stated by the auditor in a report under section 291 or 299;
(8)  determine the additional information that must appear in the annual report of a credit union, federation or confederation;
(9)  prescribe standards relating to the accounting, on a combined basis, of the assets and liabilities which constitute the capital base and liabilities of a federation, of the credit unions affiliated with the federation and, where applicable, of La Caisse centrale Desjardins du Québec;
(10)  prescribe standards respecting the adequacy of the capital stock, general reserve and liquid assets that are applicable to a federation not affiliated with a confederation;
(11)  prescribe conditions and restrictions governing the flow of information within a credit union or a federation, to and from a credit union and legal persons belonging to the same group as the federation with which the credit union is affiliated or to and from a credit union, or a federation, and a restricted party, with a view to reducing the risks of conflicts of interest;
(12)  prescribe standards designed to ensure the protection of the public and the confidentiality of information where a credit union or a federation offers for sale the products of a financial institution;
(13)  prescribe standards governing arrangements between a credit union and a federation with which it is affiliated and legal persons belonging to the same group as such federation for the sale of their financial products, and conditions permitting such arrangements to be made;
(14)  prescribe the time when and the manner in which the persons who make transactions with a credit union must be informed of the charges on services offered by the credit union;
(15)  prescribe the time when and the manner in which depositors must be informed of the rates and method of computing interest on their deposits, and the other requirements for their valid information;
(16)  limit, in the cases it determines, the total par value of permanent shares that credit unions may issue to each of their members;
(17)  prescribe standards relating to the disclosure of the characteristics of the various shares which credit unions may issue and conditions governing their issue on the market;
(18)  determine from among the regulatory provisions made under this section those the contravention of which constitutes an offence;
(19)  identify the public authorities referred to in subparagraph 6 of the first paragraph of section 20;
(20)  determine, for the purposes of subparagraph 7 of the first paragraph of section 20, the cases where the name of a credit union may falsely suggest that it is related to another person, partnership or group;
(21)  determine the criteria to be taken into account for the purposes of subparagraphs 7 and 8 of the first paragraph of section 20.
1988, c. 64, s. 516; 1994, c. 38, s. 23; 1996, c. 69, s. 170.
516. The Government may, by regulation,
(1)  prescribe the fees exigible for any formality or procedure under this Act or a government regulation thereunder and for the examination or reproduction of documents and prescribe the terms and conditions of payment of such fees;
(2)  prescribe, for the purposes of sections 36, 48 and 60, the documents which must be filed with articles of incorporation;
(3)  prescribe standards, conditions and restrictions relating to the credit that an unaffiliated credit union may extend to its members;
(4)  determine the assets which, in addition to those provided for in this Act, may be added to or deducted from the capital base of a credit union or federation as well as the proportion of these assets to each other and the conditions and limitations attaching to them;
(5)  determine the liabilities which, in addition to those provided for in this Act, constitute a liability of a credit union or federation;
(5.1)  prescribe minimum requirements for a subordinated debt security referred to in subparagraph 6.1 of the first paragraph of section 213;
(6)  prescribe standards relating to the valuation of the assets and liabilities of a credit union or federation;
(7)  determine the additional information that must be stated by the auditor in a report under section 291 or 299;
(8)  determine the additional information that must appear in the annual report of a credit union, federation or confederation;
(9)  prescribe standards relating to the accounting, on a combined basis, of the assets and liabilities which constitute the capital base and liabilities of a federation, of the credit unions affiliated with the federation and, where applicable, of La Caisse centrale Desjardins du Québec;
(10)  prescribe standards respecting the adequacy of the capital stock, general reserve and liquid assets that are applicable to a federation not affiliated with a confederation;
(11)  prescribe conditions and restrictions governing the flow of information within a credit union or a federation, to and from a credit union and legal persons belonging to the same group as the federation with which the credit union is affiliated or to and from a credit union, or a federation, and a restricted party, with a view to reducing the risks of conflicts of interest;
(12)  prescribe standards designed to ensure the protection of the public and the confidentiality of information where a credit union or a federation offers for sale the products of a financial institution;
(13)  prescribe standards governing arrangements between a credit union and a federation with which it is affiliated and legal persons belonging to the same group as such federation for the sale of their financial products, and conditions permitting such arrangements to be made;
(14)  prescribe the time when and the manner in which the persons who make transactions with a credit union must be informed of the charges on services offered by the credit union;
(15)  prescribe the time when and the manner in which depositors must be informed of the rates and method of computing interest on their deposits, and the other requirements for their valid information;
(16)  limit, in the cases it determines, the total par value of permanent shares that credit unions may issue to each of their members;
(17)  prescribe standards relating to the disclosure of the characteristics of the various shares which credit unions may issue and conditions governing their issue on the market;
(18)  determine from among the regulatory provisions made under this section those the contravention of which constitutes an offence.
1988, c. 64, s. 516; 1994, c. 38, s. 23.
516. The Government may, by regulation,
(1)  prescribe the fees exigible for any formality or procedure under this Act or a government regulation thereunder and for the examination or reproduction of documents and prescribe the terms and conditions of payment of such fees;
(2)  prescribe, for the purposes of sections 36, 48 and 60, the documents which must be filed with articles of incorporation;
(3)  prescribe standards, conditions and restrictions relating to the credit that an unaffiliated credit union may extend to its members;
(4)  determine the assets which, in addition to those provided for in this Act, may be added to or deducted from the capital base of a credit union or federation as well as the proportion of these assets to each other and the conditions and limitations attaching to them;
(5)  determine the liabilities which, in addition to those provided for in this Act, constitute a liability of a credit union or federation;
(6)  prescribe standards relating to the valuation of the assets and liabilities of a credit union or federation;
(7)  determine the additional information that must be stated by the auditor in a report under section 291 or 299;
(8)  determine the additional information that must appear in the annual report of a credit union, federation or confederation;
(9)  prescribe standards relating to the accounting, on a combined basis, of the assets and liabilities which constitute the capital base and liabilities of a federation, of the credit unions affiliated with the federation and, where applicable, of La Caisse centrale Desjardins du Québec;
(10)  prescribe standards respecting the adequacy of the capital stock, general reserve and liquid assets that are applicable to a federation not affiliated with a confederation;
(11)  prescribe conditions and restrictions governing the flow of information within a credit union or a federation, to and from a credit union and legal persons belonging to the same group as the federation with which the credit union is affiliated or to and from a credit union, or a federation, and a restricted party, with a view to reducing the risks of conflicts of interest;
(12)  prescribe standards designed to ensure the protection of the public and the confidentiality of information where a credit union or a federation offers for sale the products of a financial institution;
(13)  prescribe standards governing arrangements between a credit union and a federation with which it is affiliated and legal persons belonging to the same group as such federation for the sale of their financial products, and conditions permitting such arrangements to be made;
(14)  prescribe the time when and the manner in which the persons who make transactions with a credit union must be informed of the charges on services offered by the credit union;
(15)  prescribe the time when and the manner in which depositors must be informed of the rates and method of computing interest on their deposits, and the other requirements for their valid information;
(16)  limit, in the cases it determines, the total par value of permanent shares that credit unions may issue to each of their members;
(17)  prescribe standards relating to the disclosure of the characteristics of the various shares which credit unions may issue and conditions governing their issue on the market;
(18)  determine from among the regulatory provisions made under this section those the contravention of which constitutes an offence.
1988, c. 64, s. 516.
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