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C-4 - Savings and Credit Unions Act

Section 78
Disposition versions

Full text
78. The total amount of the sums borrowed by a union shall not at any time exceed twice the amount of the general reserve and of its paid-up and unimpaired capital.
For the purposes of this section, the savings deposited in a union by its members and the loans fully secured by hypothec on securities or made for transitional requirements of liquid assets from the federation with which the union is affiliated are not regarded as sums borrowed.
R. S. 1964, c. 293, s. 77; 1970, c. 59, s. 23; 1978, c. 85, s. 16; 1992, c. 57, s. 459.
78. The total amount of the sums borrowed by a union shall not at any time exceed twice the amount of the general reserve and of its paid-up and unimpaired capital.
For the purposes of this section, the savings deposited in a union by its members and the loans fully secured by the pledge of securities or made for transitional requirements of liquid assets from the federation with which the union is affiliated are not regarded as sums borrowed.
R. S. 1964, c. 293, s. 77; 1970, c. 59, s. 23; 1978, c. 85, s. 16.
78. The total amount of the sums borrowed by a union shall not at any time exceed twice the amount of the reserves contemplated in sections 87 and 88 and of its paid-up and unimpaired capital.
For the purposes of this section, the savings deposited in a union by its members and the loans fully secured by the pledge of securities shall not be regarded as sums borrowed.
R. S. 1964, c. 293, s. 77; 1970, c. 59, s. 23.
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