C-4 - Savings and Credit Unions Act

Section 64.1 Disposition versions

1994-01-01

64.1. Every loan exceeding $10,000 not secured by hypothec on real estate or on machinery intended for industrial or commercial purposes, granted by a union to one of its executive officers or to any person entitled to authorize loans, and any loan of $10,000 or less not thus secured granted to one of such persons whereas the balance of such loans to that person exceeds $10,000 or which increases the balance of such loans to that person to more than $10,000 must be approved by the federation with which the union is affiliated.

The same rule applies to every loan exceeding $10,000 not thus secured granted by a union, for which one of the executive officers of the union or any person entitled to authorize loans is surety.

1978, c. 85, s. 12; 1992, c. 57, s. 457.

1978-06-23

64.1. Every loan exceeding $10 000 not secured by hypothec, mortgage or pledge on real estate or on machinery intended for industrial or commercial purposes, granted by a union to one of its executive officers or to any person entitled to authorize loans, and any loan of $10 000 or less not thus secured granted to one of such persons whereas the balance of such loans to that person exceeds $10 000 or which increases the balance of such loans to that person to more than $10 000 must be approved by the federation with which the union is affiliated.

The same rule applies to every loan exceeding $10 000 not thus secured granted by a union, for which one of the executive officers of the union or any person entitled to authorize loans is surety.

1978, c. 85, s. 12.