C-67.3 - Act respecting financial services cooperatives

Section 243 Disposition versions

2018-07-13

243. The board of directors shall

(1)  ensure that the operations of the credit union and the credit union itself are in compliance with the applicable Acts, regulations, standards, rules of ethics and professional conduct, orders and written instructions;

(2)  ensure that the credit union adheres to sound and prudent management practices and, where the credit union is not a member of a federation, establish a policy for sound and prudent management practices;

(3)  provide the board of supervision with any personnel it requires to carry out its functions;

(4)  furnish to the Authority, on request, a certified copy of any document of the credit union;

(5)  ensure the keeping and preservation of the registers;

(6)  establish a charging policy for the products and services provided by the credit union and a policy for setting savings and credit interest rates;

(6.1)  determine the rate of interest on investment shares and, if the credit union is not a member of a federation, on capital shares;

(7)  make or control the investments of the credit union;

(8)  insure the credit union against the risks of fire, theft and embezzlement by its officers, managers and other employees, and provide the credit union with civil liability insurance and officers’ and managers’ liability insurance;

(9)  designate the persons authorized to sign contracts or other documents on behalf of the credit union;

(10)  at the annual meeting, give an account of its management and submit the annual report;

(11)  facilitate the work of the persons responsible for the inspection of the credit union, the supervision of its transactions or the audit of its books and accounts;

(12)  ensure that the internal affairs and the activities of the credit union are inspected in accordance with this Act; and

(13)  ensure that the executive committee, the audit committee and the special committees of the credit union act in accordance with their powers and duties and with any applicable Acts, regulations, standards and rules of ethics and professional conduct.

2000, c. 29, s. 243; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2005, c. 35, s. 8; 2018, c. 23, s. 148.

2005-12-06

243. The board of directors shall

(1)  ensure that the operations of the credit union and the credit union itself are in compliance with the applicable Acts, regulations, standards, rules of ethics and professional conduct, orders and written instructions;

(2)  ensure that the credit union adheres to sound and prudent management practices and, where the credit union is not a member of a federation, establish a policy for sound and prudent management practices;

(3)  provide the board of supervision with any personnel it requires to carry out its functions;

(4)  furnish to the Authority, on request, a certified copy of any document of the credit union;

(5)  ensure the keeping and preservation of the registers;

(6)  determine the rate of interest on investment shares and, where applicable, on capital shares, a policy for determining interest rates on savings deposits, and a tariff for the products and services provided by the credit union;

(7)  make or control the investments of the credit union;

(8)  insure the credit union against the risks of fire, theft and embezzlement by its officers or employees, and provide the credit union with civil liability insurance and directors’ and officers’ liability insurance;

(9)  designate the persons authorized to sign contracts or other documents on behalf of the credit union;

(10)  at the annual meeting, give an account of its management and submit the annual report;

(11)  facilitate the work of the persons responsible for the inspection of the credit union, the supervision of its transactions or the audit of its books and accounts;

(12)  ensure that the internal affairs and the activities of the credit union are inspected in accordance with this Act; and

(13)  ensure that the executive committee, the audit committee and the special committees of the credit union act in accordance with their powers and duties and with any applicable Acts, regulations, standards and rules of ethics and professional conduct.

2000, c. 29, s. 243; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2005, c. 35, s. 8.

2004-12-17

243. The board of directors shall

(1)  observe and enforce the regulations made by the Government for the purposes of this Act, the by-laws of the credit union, the by-laws of the federation, and the rules of ethics, standards, orders and written instructions issued under this Act;

(2)  where the credit union is not a member of a federation, establish a policy for sound and prudent management practices;

(3)  provide the board of audit and ethics with any personnel it requires to carry out its functions;

(4)  furnish to the Authority, on request, a certified copy of any document of the credit union;

(5)  ensure the keeping and preservation of the registers;

(6)  determine the rate of interest on investment shares and, where applicable, on capital shares, a policy for determining interest rates on savings deposits, and a tariff for the products and services provided by the credit union;

(7)  make or control the investments of the credit union;

(8)  insure the credit union against the risks of fire, theft and embezzlement by its officers or employees, and provide the credit union with civil liability insurance and directors’ and officers’ liability insurance;

(9)  designate the persons authorized to sign contracts or other documents on behalf of the credit union;

(10)  at the annual meeting, give an account of its management and submit the annual report;

(11)  facilitate the work of the persons responsible for the inspection of the credit union, the supervision of its transactions or the audit of its books and accounts.

2000, c. 29, s. 243; 2002, c. 45, s. 338; 2004, c. 37, s. 90.

2004-02-01

243. The board of directors shall

(1)  observe and enforce the regulations made by the Government for the purposes of this Act, the by-laws of the credit union, the by-laws of the federation, and the rules of ethics, standards, orders and written instructions issued under this Act;

(2)  where the credit union is not a member of a federation, establish a policy for sound and prudent management practices;

(3)  provide the board of audit and ethics with any personnel it requires to carry out its functions;

(4)  furnish to the Agency, on request, a certified copy of any document of the credit union;

(5)  ensure the keeping and preservation of the registers;

(6)  determine the rate of interest on investment shares and, where applicable, on capital shares, a policy for determining interest rates on savings deposits, and a tariff for the products and services provided by the credit union;

(7)  make or control the investments of the credit union;

(8)  insure the credit union against the risks of fire, theft and embezzlement by its officers or employees, and provide the credit union with civil liability insurance and directors’ and officers’ liability insurance;

(9)  designate the persons authorized to sign contracts or other documents on behalf of the credit union;

(10)  at the annual meeting, give an account of its management and submit the annual report;

(11)  facilitate the work of the persons responsible for the inspection of the credit union, the supervision of its transactions or the audit of its books and accounts.

2000, c. 29, s. 243; 2002, c. 45, s. 338.

2001-07-01

243. The board of directors shall

(1)  observe and enforce the regulations made by the Government for the purposes of this Act, the by-laws of the credit union, the by-laws of the federation, and the rules of ethics, standards, orders and written instructions issued under this Act;

(2)  where the credit union is not a member of a federation, establish a policy for sound and prudent management practices;

(3)  provide the board of audit and ethics with any personnel it requires to carry out its functions;

(4)  furnish to the Inspector General, on request, a certified copy of any document of the credit union;

(5)  ensure the keeping and preservation of the registers;

(6)  determine the rate of interest on investment shares and, where applicable, on capital shares, a policy for determining interest rates on savings deposits, and a tariff for the products and services provided by the credit union;

(7)  make or control the investments of the credit union;

(8)  insure the credit union against the risks of fire, theft and embezzlement by its officers or employees, and provide the credit union with civil liability insurance and directors’ and officers’ liability insurance;

(9)  designate the persons authorized to sign contracts or other documents on behalf of the credit union;

(10)  at the annual meeting, give an account of its management and submit the annual report;

(11)  facilitate the work of the persons responsible for the inspection of the credit union, the supervision of its transactions or the audit of its books and accounts.

2000, c. 29, s. 243.