Consolidated Statutes and Regulations
Consolidated Statutes
Consolidated Regulations
Annual Statutes and Regulations
Annual Statutes
Annual Regulations
Additional information
Québec Official Publisher
What’s new?
Information note
Policy of the Minister of Justice
Laws: Amendments
Laws: Provisions not in force
Laws: Provisions brought into force
Annual Statutes: PDF versions since 1996
Regulations: Amendments
Annual Regulations: PDF versions since 1996
Court Decisions
C-67.3 - Act respecting financial services cooperatives
Section 424
Disposition versions
424. The annual report of the federation must include, in addition to the information required under sections 161 to 167,
(1) a statement of the sums deposited by the credit unions or administered on their behalf, established according to the various classes of deposits, according to their respective maturity dates, and showing the average annual return obtained by each class;
(2) a statement of the credit extended and investments, established according to the various classes of credit or investments, according to their respective maturity dates, and showing the average annual return obtained by each class;
(3) the net value of an investment fund and the method for calculating the value of the fund;
(4) a statement showing the consolidation value of any investment in shares of the same legal person carrying 20% or more of the voting rights and any investment in voting shares of a controlled legal person;
(5) a statement of the assets and liabilities and an operating statement of the federation, the credit unions and any legal person or partnership determined by the federation, presented in consolidated form, according to generally accepted accounting principles, and audited by an auditor;
(6) if the federation is not a reporting issuer within the meaning of the Securities Act (chapter V-1.1), a statement of the remuneration received by the five most highly compensated officers of the financial group to which the federation belongs setting out separately, for each of them, salaries, bonuses and any other form of remuneration.
However, the Authority may, in respect of specified financial statements and where the Authority considers it expedient, prescribe accounting standards that include particular requirements or requirements different from those applicable according to generally accepted accounting principles. The standards may include discretionary requirements.
The Regulations Act (chapter R-18.1) does not apply to such standards or draft standards.
424. The annual report of the federation must include, in addition to the information required under sections 161 to 167,
(1) a statement of the sums deposited by the credit unions or administered on their behalf, established according to the various classes of deposits, according to their respective maturity dates, and showing the average annual return obtained by each class;
(2) a statement of the credit extended and investments, established according to the various classes of credit or investments, according to their respective maturity dates, and showing the average annual return obtained by each class;
(3) the net value of an investment fund and the method for calculating the value of the fund;
(4) a statement showing the consolidation value of any investment in shares of the same legal person carrying 20% or more of the voting rights and any investment in voting shares of a controlled legal person;
(5) a statement of the assets and liabilities and an operating statement of the federation, the credit unions and any legal person or partnership determined by the federation, presented in consolidated form, according to generally accepted accounting principles, and audited by an auditor;
(6) a statement of the compensation, bonuses and any other form of remuneration received by the group’s five most highly compensated officers.
However, the Authority may, in respect of specified financial statements and where the Authority considers it expedient, prescribe accounting standards that include particular requirements or requirements different from those applicable according to generally accepted accounting principles. The standards may include discretionary requirements.
The Regulations Act (chapter R-18.1) does not apply to such standards or draft standards.
424. The annual report of the federation must include, in addition to the information required under sections 161 to 167,
(1) a statement of the sums deposited by the credit unions or administered on their behalf, established according to the various classes of deposits, according to their respective maturity dates, and showing the average annual return obtained by each class;
(2) a statement of the credit extended and investments, established according to the various classes of credit or investments, according to their respective maturity dates, and showing the average annual return obtained by each class;
(3) the net value of an investment fund and the method for calculating the value of the fund;
(4) a statement showing the consolidation value of any investment in shares of the same legal person carrying 20% or more of the voting rights and any investment in voting shares of a controlled legal person;
(5) a statement of the assets and liabilities and an operating statement of the federation, the credit unions and any legal person or partnership determined by the federation, presented in consolidated form, according to generally accepted accounting principles, and audited by an auditor.
However, the Authority may, in respect of specified financial statements and where the Authority considers it expedient, prescribe accounting standards that include particular requirements or requirements different from those applicable according to generally accepted accounting principles. The standards may include discretionary requirements.
The Regulations Act (chapter R-18.1) does not apply to such standards or draft standards.
424. The annual report of the federation must include, in addition to the information required under sections 161 to 167,
(1) a statement of the sums deposited by the credit unions or administered on their behalf, established according to the various classes of deposits, according to their respective maturity dates, and showing the average annual return obtained by each class;
(2) a statement of the credit extended and investments, established according to the various classes of credit or investments, according to their respective maturity dates, and showing the average annual return obtained by each class;
(3) the net value of an investment fund and the method for calculating the value of the fund;
(4) a statement showing the consolidation value of any investment in shares of the same legal person carrying 20% or more of the voting rights and any investment in voting shares of a controlled legal person;
(5) a statement of the assets and liabilities and an operating statement of the federation, the credit unions and any legal person or partnership determined by the federation, presented in consolidated form, according to generally accepted accounting principles, and audited by an auditor of the federation’s audit service and by another auditor.
However, the Authority may, in respect of specified financial statements and where the Authority considers it expedient, prescribe accounting standards that include particular requirements or requirements different from those applicable according to generally accepted accounting principles. The standards may include discretionary requirements.
The Regulations Act (chapter R‐18.1) does not apply to such standards or draft standards.
424. The annual report of the federation must include, in addition to the information required under sections 161 to 167,
(1) a statement of the sums deposited by the credit unions or administered on their behalf, established according to the various classes of deposits, according to their respective maturity dates, and showing the average annual return obtained by each class;
(2) a statement of the credit extended and investments, established according to the various classes of credit or investments, according to their respective maturity dates, and showing the average annual return obtained by each class;
(3) the net value of an investment fund and the method for calculating the value of the fund;
(4) a statement showing the consolidation value of any investment in shares of the same legal person carrying 20 % or more of the voting rights and any investment in voting shares of a controlled legal person;
(5) a statement of the assets and liabilities and an operating statement of the federation, the credit unions and any legal person or partnership determined by the federation, presented in consolidated form, according to generally accepted accounting principles, and audited by an auditor of the federation’s audit service and by another auditor.
However, the Agency may, in respect of specified financial statements and where the Agency considers it expedient, prescribe accounting standards that include particular requirements or requirements different from those applicable according to generally accepted accounting principles. The standards may include discretionary requirements.
The Regulations Act (chapter R‐18.1) does not apply to such standards or draft standards.
424. The annual report of the federation must include, in addition to the information required under sections 161 to 167,
(1) a statement of the sums deposited by the credit unions or administered on their behalf, established according to the various classes of deposits, according to their respective maturity dates, and showing the average annual return obtained by each class;
(2) a statement of the credit extended and investments, established according to the various classes of credit or investments, according to their respective maturity dates, and showing the average annual return obtained by each class;
(3) the net value of an investment fund and the method for calculating the value of the fund;
(4) a statement showing the consolidation value of any investment in shares of the same legal person carrying 20 % or more of the voting rights and any investment in voting shares of a controlled legal person;
(5) a statement of the assets and liabilities and an operating statement of the federation, the credit unions and any legal person or partnership determined by the federation, presented in consolidated form, according to generally accepted accounting principles, and audited by an auditor of the federation’s audit service and by another auditor.
However, the Inspector General may, in respect of specified financial statements and where the Inspector General considers it expedient, prescribe accounting standards that include particular requirements or requirements different from those applicable according to generally accepted accounting principles. The standards may include discretionary requirements.
The Regulations Act (chapter R‐18.1) does not apply to such standards or draft standards.
424. The annual report of the federation must include, in addition to the information required under sections 161 to 167,
(1) a statement of the sums deposited by the credit unions or administered on their behalf, established according to the various classes of deposits, according to their respective maturity dates, and showing the average annual return obtained by each class;
(2) a statement of the credit extended and investments, established according to the various classes of credit or investments, according to their respective maturity dates, and showing the average annual return obtained by each class;
(3) the net value of an investment fund and the method for calculating the value of the fund;
(4) a statement showing the consolidation value of any investment in shares of the same legal person carrying 20 % or more of the voting rights and any investment in voting shares of a controlled legal person;
(5) a statement of the assets and liabilities and an operating statement of the federation, the credit unions and any legal person or partnership determined by the federation, presented in consolidated form, according to generally accepted accounting principles.
However, the Inspector General may, in respect of specified financial statements and where the Inspector General considers it expedient, prescribe accounting standards that include particular requirements or requirements different from those applicable according to generally accepted accounting principles. The standards may include discretionary requirements.
The Regulations Act (chapter R‐18.1) does not apply to such standards or draft standards.
