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C-4 - Savings and Credit Unions Act

Section 83
Disposition versions

Full text
83. With the exception of loans to its members and sums deposited with a bank, a savings bank, a trust company, another union or a federation, the investments of a union shall be made
(a)  in bonds or other evidences of indebtedness issued or guaranteed by the government of Québec or of Canada, by a municipality or a school board in Québec, by the Comité de gestion de la taxe scolaire de l’île de Montréal, by a fabrique in Québec, or by an ecclesiastical, religious or cemetery corporation in Québec;
(b)  in bonds or other evidences of indebtedness secured by the transfer to a trustee of an undertaking by the government of Québec or of Canada to pay sufficient subsidies to pay the interest and principal at their respective maturities;
(c)  in bonds issued by a cooperative, a federation of cooperatives or by a corporation of which the majority of common shares is held by one of such institutions:
(1)  if they are secured by hypothec ranking first on real estate and equipment;
(2)  if they are secured by hypothec ranking first on real estate in Québec and if the amount of the debt is not more than 75% of the value of the real estate securing payment thereof; or
(3)  if they are secured by hypothec ranking first on equipment and if such institution has paid in full the interest on its other debts during the 10 years preceding the acquisition;
(d)  in preferred shares or in any evidences of indebtedness other than those contemplated in paragraph c issued by a cooperative, a federation of cooperatives or by a corporation the majority of the common shares of which is held by one of such institutions, provided that the investments of the union under this paragraph do not exceed 1% of its assets;
(e)  in bonds or other evidences of indebtedness issued by persons other than those contemplated in subparagraph c and secured by hypothec on real estate in Québec, if the hypothec ranks first and if the amount of the debt is not more than 75% of the value of the real estate securing payment thereof;
(f)  in real estate securing payment of a debt owing to it, in order to assure total or partial payment of such debt;
(g)  in other real estate, if it is situated in Québec and if the total investment of the union in such real estate does not exceed 15% of its assets.
A union may also make any other investment which any general law or special Act of Québec authorizes it to make.
A union must dispose of real estate which it has acquired in accordance with subparagraph f within seven years following the acquisition thereof; however, such delay may be extended by the Inspector General.
R. S. 1964, c. 293, s. 82; 1970, c. 59, s. 26; 1976, c. 39, s. 12; 1977, c. 5, s. 14; 1982, c. 52, s. 107; 1982, c. 26, s. 289; 1988, c. 84, s. 701; 1995, c. 33, s. 21; 1996, c. 2, s. 104; 2002, c. 75, s. 33.
83. With the exception of loans to its members and sums deposited with a bank, a savings bank, a trust company, another union or a federation, the investments of a union shall be made
(a)  in bonds or other evidences of indebtedness issued or guaranteed by the government of Québec or of Canada, by a municipality or a school board in Québec, by the Conseil scolaire de l’île de Montréal, by a fabrique in Québec, or by an ecclesiastical, religious or cemetery corporation in Québec;
(b)  in bonds or other evidences of indebtedness secured by the transfer to a trustee of an undertaking by the government of Québec or of Canada to pay sufficient subsidies to pay the interest and principal at their respective maturities;
(c)  in bonds issued by a cooperative, a federation of cooperatives or by a corporation of which the majority of common shares is held by one of such institutions:
(1)  if they are secured by hypothec ranking first on real estate and equipment;
(2)  if they are secured by hypothec ranking first on real estate in Québec and if the amount of the debt is not more than 75 % of the value of the real estate securing payment thereof; or
(3)  if they are secured by hypothec ranking first on equipment and if such institution has paid in full the interest on its other debts during the 10 years preceding the acquisition;
(d)  in preferred shares or in any evidences of indebtedness other than those contemplated in paragraph c issued by a cooperative, a federation of cooperatives or by a corporation the majority of the common shares of which is held by one of such institutions, provided that the investments of the union under this paragraph do not exceed 1 % of its assets;
(e)  in bonds or other evidences of indebtedness issued by persons other than those contemplated in subparagraph c and secured by hypothec on real estate in Québec, if the hypothec ranks first and if the amount of the debt is not more than 75 % of the value of the real estate securing payment thereof;
(f)  in real estate securing payment of a debt owing to it, in order to assure total or partial payment of such debt;
(g)  in other real estate, if it is situated in Québec and if the total investment of the union in such real estate does not exceed 15 % of its assets.
A union may also make any other investment which any general law or special Act of Québec authorizes it to make.
A union must dispose of real estate which it has acquired in accordance with subparagraph f within seven years following the acquisition thereof; however, such delay may be extended by the Inspector General.
R. S. 1964, c. 293, s. 82; 1970, c. 59, s. 26; 1976, c. 39, s. 12; 1977, c. 5, s. 14; 1982, c. 52, s. 107; 1982, c. 26, s. 289; 1988, c. 84, s. 701; 1995, c. 33, s. 21; 1996, c. 2, s. 104.
83. With the exception of loans to its members and sums deposited with a bank, a savings bank, a trust company, another union or a federation, the investments of a union shall be made
(a)  in bonds or other evidences of indebtedness issued or guaranteed by the government of Québec or of Canada, by a municipal corporation or a school board in Québec, by the Conseil scolaire de l’île de Montréal, by a fabrique in Québec, or by an ecclesiastical, religious or cemetery corporation in Québec;
(b)  in bonds or other evidences of indebtedness secured by the transfer to a trustee of an undertaking by the government of Québec or of Canada to pay sufficient subsidies to pay the interest and principal at their respective maturities;
(c)  in bonds issued by a cooperative, a federation of cooperatives or by a corporation of which the majority of common shares is held by one of such institutions:
(1)  if they are secured by hypothec ranking first on real estate and equipment;
(2)  if they are secured by hypothec ranking first on real estate in Québec and if the amount of the debt is not more than 75 % of the value of the real estate securing payment thereof; or
(3)  if they are secured by hypothec ranking first on equipment and if such institution has paid in full the interest on its other debts during the 10 years preceding the acquisition;
(d)  in preferred shares or in any evidences of indebtedness other than those contemplated in paragraph c issued by a cooperative, a federation of cooperatives or by a corporation the majority of the common shares of which is held by one of such institutions, provided that the investments of the union under this paragraph do not exceed 1 % of its assets;
(e)  in bonds or other evidences of indebtedness issued by persons other than those contemplated in subparagraph c and secured by hypothec on real estate in Québec, if the hypothec ranks first and if the amount of the debt is not more than 75 % of the value of the real estate securing payment thereof;
(f)  in real estate securing payment of a debt owing to it, in order to assure total or partial payment of such debt;
(g)  in other real estate, if it is situated in Québec and if the total investment of the union in such real estate does not exceed 15 % of its assets.
A union may also make any other investment which any general law or special Act of the Legislature authorizes it to make.
A union must dispose of real estate which it has acquired in accordance with subparagraph f within seven years following the acquisition thereof; however, such delay may be extended by the Inspector General.
R. S. 1964, c. 293, s. 82; 1970, c. 59, s. 26; 1976, c. 39, s. 12; 1977, c. 5, s. 14; 1982, c. 52, s. 107; 1982, c. 26, s. 289; 1988, c. 84, s. 701; 1995, c. 33, s. 21.
83. With the exception of loans to its members and sums deposited with a bank, a savings bank, a trust company, another union or a federation, the investments of a union shall be made
(a)  in bonds or other evidences of indebtedness issued or guaranteed by the government of Québec or of Canada, by a municipal corporation or a school board in Québec, by the Conseil scolaire de l’île de Montréal, by a fabrique in Québec, or by an ecclesiastical, religious or cemetery corporation in Québec;
(b)  in bonds or other evidences of indebtedness secured by the transfer to a trustee of an undertaking by the government of Québec or of Canada to pay sufficient subsidies to pay the interest and principal at their respective maturities;
(c)  in bonds issued by a cooperative, a federation of cooperatives or by a corporation of which the majority of common shares is held by one of such institutions:
(1)  if they are secured by privilege or hypothec ranking first on real estate and equipment;
(2)  if they are secured by hypothec ranking first on real estate in Québec and if the amount of the debt is not more than 75 % of the value of the real estate securing payment thereof; or
(3)  if they are secured by privilege ranking first on equipment and if such institution has paid in full the interest on its other debts during the 10 years preceding the acquisition;
(d)  in preferred shares or in any evidences of indebtedness other than those contemplated in paragraph c issued by a cooperative, a federation of cooperatives or by a corporation the majority of the common shares of which is held by one of such institutions, provided that the investments of the union under this paragraph do not exceed 1 % of its assets;
(e)  in bonds or other evidences of indebtedness issued by persons other than those contemplated in subparagraph c and secured by hypothec on real estate in Québec, if the hypothec ranks first and if the amount of the debt is not more than 75 % of the value of the real estate securing payment thereof;
(f)  in real estate securing payment of a debt owing to it, in order to assure total or partial payment of such debt;
(g)  in other real estate, if it is situated in Québec and if the total investment of the union in such real estate does not exceed 15 % of its assets.
A union may also make any other investment which any general law or special Act of the Legislature authorizes it to make.
A union must dispose of real estate which it has acquired in accordance with subparagraph f within seven years following the acquisition thereof; however, such delay may be extended by the Inspector General.
R. S. 1964, c. 293, s. 82; 1970, c. 59, s. 26; 1976, c. 39, s. 12; 1977, c. 5, s. 14; 1982, c. 52, s. 107; 1982, c. 26, s. 289; 1988, c. 84, s. 701.
83. With the exception of loans to its members and sums deposited with a bank, a savings bank, a trust company, another union or a federation, the investments of a union shall be made
(a)  in bonds or other evidences of indebtedness issued or guaranteed by the government of Québec or of Canada, by a municipal or school corporation in Québec, by the Conseil scolaire de l’île de Montréal, by a fabrique in Québec, or by an ecclesiastical, religious or cemetery corporation in Québec;
(b)  in bonds or other evidences of indebtedness secured by the transfer to a trustee of an undertaking by the government of Québec or of Canada to pay sufficient subsidies to pay the interest and principal at their respective maturities;
(c)  in bonds issued by a cooperative, a federation of cooperatives or by a corporation of which the majority of common shares is held by one of such institutions:
(1)  if they are secured by privilege or hypothec ranking first on real estate and equipment;
(2)  if they are secured by hypothec ranking first on real estate in Québec and if the amount of the debt is not more than seventy-five per cent of the value of the real estate securing payment thereof; or
(3)  if they are secured by privilege ranking first on equipment and if such institution has paid in full the interest on its other debts during the ten years preceding the acquisition;
(d)  in preferred shares or in any evidences of indebtedness other than those contemplated in paragraph c issued by a cooperative, a federation of cooperatives or by a corporation the majority of the common shares of which is held by one of such institutions, provided that the investments of the union under this paragraph do not exceed one per cent of its assets;
(e)  in bonds or other evidences of indebtedness issued by persons other than those contemplated in sub-paragraph c and secured by hypothec on real estate in Québec, if the hypothec ranks first and if the amount of the debt is not more than seventy-five per cent of the value of the real estate securing payment thereof;
(f)  in real estate securing payment of a debt owing to it, in order to assure total or partial payment of such debt;
(g)  in other real estate, if it is situated in Québec and if the total investment of the union in such real estate does not exceed fifteen per cent of its assets.
A union may also make any other investment which any general law or special act of the Legislature authorizes it to make.
A union must dispose of real estate which it has acquired in accordance with subparagraph f within seven years following the acquisition thereof; however, such delay may be extended by the Inspector General.
R. S. 1964, c. 293, s. 82; 1970, c. 59, s. 26; 1976, c. 39, s. 12; 1977, c. 5, s. 14; 1982, c. 52, s. 107; 1982, c. 26, s. 289.
83. With the exception of loans to its members and sums deposited with a bank, a savings bank, a trust company, another union or a federation, the investments of a union shall be made
(a)  in bonds or other evidences of indebtedness issued or guaranteed by the government of Québec or of Canada, by a municipal or school corporation in Québec, by the Conseil scolaire de l’île de Montréal, by a fabrique in Québec, or by an ecclesiastical, religious or cemetery corporation in Québec;
(b)  in bonds or other evidences of indebtedness secured by the transfer to a trustee of an undertaking by the government of Québec or of Canada to pay sufficient subsidies to pay the interest and principal at their respective maturities;
(c)  in bonds issued by a cooperative association, a federation of cooperative associations, a cooperative agricultural association, a federation of cooperative agricultural associations or a corporation of which the majority of common shares is held by one of such institutions:
(1)  if they are secured by privilege or hypothec ranking first on real estate and equipment;
(2)  if they are secured by hypothec ranking first on real estate in Québec and if the amount of the debt is not more than seventy-five per cent of the value of the real estate securing payment thereof; or
(3)  if they are secured by privilege ranking first on equipment and if such institution has paid in full the interest on its other debts during the ten years preceding the acquisition;
(d)  in preferred shares or in any evidences of indebtedness other than those contemplated in paragraph c issued by a cooperative association, a federation of cooperative associations, a cooperative agricultural association, a federation of cooperative agricultural associations or a corporation the majority of the common shares of which is held by one of such institutions, provided that the investments of the union under this paragraph shall not exceed one per cent of its assets;
(e)  in bonds or other evidences of indebtedness issued by persons other than those contemplated in sub-paragraph c and secured by hypothec on real estate in Québec, if the hypothec ranks first and if the amount of the debt is not more than seventy-five per cent of the value of the real estate securing payment thereof;
(f)  in real estate securing payment of a debt owing to it, in order to assure total or partial payment of such debt;
(g)  in other real estate, if it is situated in Québec and if the total investment of the union in such real estate does not exceed fifteen per cent of its assets.
A union may also make any other investment which any general law or special act of the Legislature authorizes it to make.
A union must dispose of real estate which it has acquired in accordance with subparagraph f within seven years following the acquisition thereof; however, such delay may be extended by the Inspector General.
R. S. 1964, c. 293, s. 82; 1970, c. 59, s. 26; 1976, c. 39, s. 12; 1977, c. 5, s. 14; 1982, c. 52, s. 107.
83. With the exception of loans to its members and sums deposited with a bank, a savings bank, a trust company, another union or a federation, the investments of a union shall be made
(a)  in bonds or other evidences of indebtedness issued or guaranteed by the government of Québec or of Canada, by a municipal or school corporation in Québec, by the Conseil scolaire de l’île de Montréal, by a fabrique in Québec, or by an ecclesiastical, religious or cemetery corporation in Québec;
(b)  in bonds or other evidences of indebtedness secured by the transfer to a trustee of an undertaking by the government of Québec or of Canada to pay sufficient subsidies to pay the interest and principal at their respective maturities;
(c)  in bonds issued by a cooperative association, a federation of cooperative associations, a cooperative agricultural association, a federation of cooperative agricultural associations or a corporation of which the majority of common shares is held by one of such institutions:
(1)  if they are secured by privilege or hypothec ranking first on real estate and equipment;
(2)  if they are secured by hypothec ranking first on real estate in Québec and if the amount of the debt is not more than seventy-five per cent of the value of the real estate securing payment thereof; or
(3)  if they are secured by privilege ranking first on equipment and if such institution has paid in full the interest on its other debts during the ten years preceding the acquisition;
(d)  in preferred shares or in any evidences of indebtedness other than those contemplated in paragraph c issued by a cooperative association, a federation of cooperative associations, a cooperative agricultural association, a federation of cooperative agricultural associations or a corporation the majority of the common shares of which is held by one of such institutions, provided that the investments of the union under this paragraph shall not exceed one per cent of its assets;
(e)  in bonds or other evidences of indebtedness issued by persons other than those contemplated in sub-paragraph c and secured by hypothec on real estate in Québec, if the hypothec ranks first and if the amount of the debt is not more than seventy-five per cent of the value of the real estate securing payment thereof;
(f)  in real estate securing payment of a debt owing to it, in order to assure total or partial payment of such debt;
(g)  in other real estate, if it is situated in Québec and if the total investment of the union in such real estate does not exceed fifteen per cent of its assets.
A union may also make any other investment which any general law or special act of the Legislature authorizes it to make.
A union must dispose of real estate which it has acquired in accordance with sub-paragraph f within seven years following the acquisition thereof; however, such delay may be extended by the Minister.
R. S. 1964, c. 293, s. 82; 1970, c. 59, s. 26; 1976, c. 39, s. 12; 1977, c. 5, s. 14.
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