C-4 - Savings and Credit Unions Act

Section 64 Disposition versions

1994-01-01

64. Only the committee on credit may authorize loans to members and the signing of releases, discharges or waivers of priority. Such decisions shall only be taken unanimously by the commissioners present and entitled to vote.

The committee on credit may, upon such conditions as it determines, delegate to the manager, or to any other person that may be designated by the board of directors, its power to authorize loans to members, except loans secured by hypothec on real estate or on machinery intended for industrial or commercial purposes; however, neither the manager nor a person designated by the board of directors may thus authorize a loan exceeding $2,000 to any member or authorize a loan of $2,000 or less to any member where the outstanding balance on the loans to that member amounts to more than $2,000 or where the loan to such member would increase that balance to over $2,000. The union, by by-law, may fix a limit above $2,000.

The passing of such a by-law, and any amendment to it, is subject to section 40; such a by-law, and any by-law amending it, comes into force only after being approved by the federation with which the union is affiliated.

The committee on credit may require the borrower to provide such real or personal security as is necessary to ensure the repayment of the loan.

Any member whose application for a loan has been refused may appeal to the board of directors.

The by-laws of the union shall also determine the extent and conditions of the powers of the committee on credit.

R. S. 1964, c. 293, s. 63; 1970, c. 59, s. 22; 1978, c. 85, s. 11; 1992, c. 57, s. 456.

1978-06-23

64. Only the committee on credit may authorize loans to members and the signing of releases, discharges or waivers of priority. Such decisions shall only be taken unanimously by the commissioners present and entitled to vote.

The committee on credit may, upon such conditions as it determines, delegate to the manager, or to any other person that may be designated by the board of directors, its power to authorize loans to members, except loans secured by hypothec, mortgage or pledge on real estate or on machinery intended for industrial or commercial purposes; however, neither the manager nor a person designated by the board of directors may thus authorize a loan exceeding $2 000 to any member or authorize a loan of $2 000 or less to any member where the outstanding balance on the loans to that member amounts to more than $2 000 or where the loan to such member would increase that balance to over $2 000. The union, by by-law, may fix a limit above $2 000.

The passing of such a by-law, and any amendment to it, is subject to section 40; such a by-law, and any by-law amending it, comes into force only after being approved by the federation with which the union is affiliated.

The committee on credit may require the borrower to provide such real or personal security as is necessary to ensure the repayment of the loan.

Any member whose application for a loan has been refused may appeal to the board of directors.

The by-laws of the union shall also determine the extent and conditions of the powers of the committee on credit.

R. S. 1964, c. 293, s. 63; 1970, c. 59, s. 22; 1978, c. 85, s. 11.

1977-12-31

64. Only the committee on credit may authorize loans to members and the signing of releases, discharges or waivers of priority. Such decisions shall only be taken unanimously by the commissioners present.

The committee on credit may, upon such conditions as it determines, delegate to the manager its power to authorize loans to the members; however, the total amount of the loans which the manager may so authorize shall not exceed, for any member, the sum of five hundred dollars or such sum less than five hundred dollars as is determined by by-law of the union.

The committee on credit may require the borrower to provide such real or personal security as is necessary to ensure the repayment of the loan.

Any member whose application for a loan has been refused by the committee on credit may appeal to the board of directors.

The by-laws of the union shall also determine the extent and conditions of the powers of the committee on credit.

R. S. 1964, c. 293, s. 63; 1970, c. 59, s. 22.