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C-4.1 - Savings and Credit Unions Act
Section 582
Disposition versions
582. Where credit or loans inconsistent with this Act has been extended or have been granted by a credit union or federation prior to 15 March 1989, the credit union shall have two years from that date to comply.
Where, on 15 March 1989, a federation holds units, shares, bonds or debentures referred to in paragraph 2 of section 408 in a proportion exceeding the percentage prescribed therein, the federation shall have two years from that date to comply with the prescribed percentage.
However, an unaffiliated credit union or a federation which, on 15 March 1989, holds shares which, by virtue of the second paragraph of section 260 and section 403, it would not be authorized to acquire or hold shall dispose of such shares within five years from that date. The period shall be extended to 10 years in the case of shares of the corporation mentioned in Schedule B to the Act respecting La Confédération des caisses populaires et d’économie Desjardins du Québec (1971, chapter 80) that are held by a federation.
The Inspector General may grant extensions on the conditions he determines.
