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C-67.3 - Act respecting financial services cooperatives

Section 404
Disposition versions

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404. Before ordering a suspension under section 403, the federation must inform the members of the board of directors or the board of supervision whose powers are to be suspended of the reasons advanced by the federation and give them an opportunity to present observations.
However, urgent action is required or to prevent irreparable injury, the federation may order such a suspension even if the board members have not been informed or have not had an opportunity to present observations.
2000, c. 29, s. 404; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2005, c. 35, s. 35; 2018, c. 23, s. 242.
404. Before granting authorization under section 403, the Authority shall inform the members of the board of directors or the board of supervision whose powers are to be suspended of the reasons advanced by the federation and give them an opportunity to present observations.
However, where warranted by the urgency of the situation, the Authority may grant authorization even if the board members have not been informed or have not had an opportunity to present observations.
2000, c. 29, s. 404; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2005, c. 35, s. 35.
404. Before granting authorization under section 403, the Authority shall inform the members of the board of directors or the board of audit and ethics whose powers are to be suspended of the reasons advanced by the federation and give them an opportunity to present observations.
However, where warranted by the urgency of the situation, the Authority may grant authorization even if the board members have not been informed or have not had an opportunity to present observations.
2000, c. 29, s. 404; 2002, c. 45, s. 338; 2004, c. 37, s. 90.
404. Before granting authorization under section 403, the Agency shall inform the members of the board of directors or the board of audit and ethics whose powers are to be suspended of the reasons advanced by the federation and give them an opportunity to present observations.
However, where warranted by the urgency of the situation, the Agency may grant authorization even if the board members have not been informed or have not had an opportunity to present observations.
2000, c. 29, s. 404; 2002, c. 45, s. 338.
404. Before granting authorization under section 403, the Inspector General shall inform the members of the board of directors or the board of audit and ethics whose powers are to be suspended of the reasons advanced by the federation and give them an opportunity to present observations.
However, where warranted by the urgency of the situation, the Inspector General may grant authorization even if the board members have not been informed or have not had an opportunity to present observations.
2000, c. 29, s. 404.
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