C-67.3 - Act respecting financial services cooperatives

Section 103 Disposition versions

2018-07-13

103. An officer of a financial services cooperative is presumed to have fulfilled the obligation to act with prudence and diligence if the officer relied, in good faith and on reasonable grounds, on a report, information or an opinion provided by

(1)  a manager of the financial services cooperative or, if applicable, of another cooperative that is a member of the same network as that cooperative, who the officer believes to be reliable and competent in the functions performed;

(2)  legal counsel, professional accountants or other persons retained by the cooperative or a member of the network to which it belongs as to matters involving skills or expertise the officer believes are matters within the particular person’s professional or expert competence and as to which the particular person merits confidence;

(3)  a committee of the board of directors of which the officer is not a member if the officer believes the committee merits confidence; or

(4)  in the case of an officer of a credit union that is a member of a federation, the federation or a person it retains.

2000, c. 29, s. 103; 2018, c. 23, s. 90.

2001-07-01

103. An officer of a financial services cooperative is presumed to have acted with prudence and diligence where the officer acted in good faith on the basis of an expert’s opinion or report.

2000, c. 29, s. 103.