C-67.3 - Act respecting financial services cooperatives

Section 567 Disposition versions

2021-12-08

567. The Authority may order a financial services cooperative or a security fund to cease a course of action or to implement specified measures if the Authority is of the opinion that the cooperative or fund is failing to perform its obligations under this Act in full, properly and without delay.

An order concerning two or more legal persons belonging to a cooperative group may be issued against the federation that belongs to the group.

The Authority may, for the same reasons, issue an order against a third person that, on behalf of a financial services cooperative or a security fund, carries on its activities or performs its obligations.

2000, c. 29, s. 567; 2002, c. 45, s. 330; 2004, c. 37, s. 90; 2008, c. 7, s. 68; 2018, c. 23, s. 319; 2021, c. 34, s. 52.

2018-07-13

567. The Authority may order a financial services cooperative or a security fund to cease a course of action or to implement specified measures if the Authority is of the opinion that the cooperative or fund is failing to perform its obligations under this Act in full, properly and without delay.

An order concerning two or more legal persons belonging to a cooperative group may be issued against the federation that belongs to the group.

The Authority may, for the same reasons, issue an order against a legal person that, on behalf of a financial services cooperative or a security fund, carries on its activities or performs its obligations.

2000, c. 29, s. 567; 2002, c. 45, s. 330; 2004, c. 37, s. 90; 2008, c. 7, s. 68; 2018, c. 23, s. 319.

2008-05-28

567. The Authority may order a financial services cooperative to cease a course of action or to implement specified measures if the Authority is of the opinion that the cooperative is not adhering to sound and prudent management practices or the commercial practices referred to in section 66.1, is not complying with the requirements under section 131.1, or is not complying with

(1)  a provision of this Act, a prescriptive instrument adopted by the Government or a federation under this Act, an order made under the second paragraph of section 67, or a written instruction;

(2)  a compliance program;

(3)  an undertaking under this Act.

The Authority may also order a legal person or partnership controlled by a financial services cooperative to cease a course of action or to implement specified measures if the Authority is of the opinion that the legal person or partnership is not complying with a provision of this Act, a prescriptive instrument adopted under this Act or a written instruction or an undertaking under this Act.

2000, c. 29, s. 567; 2002, c. 45, s. 330; 2004, c. 37, s. 90; 2008, c. 7, s. 68.

2004-12-17

567. The Authority may order a financial services cooperative to cease a course of action or to implement specified measures if the Authority is of the opinion that the cooperative is not adhering to sound and prudent management practices or is not complying with

(1)  a provision of this Act, a prescriptive instrument adopted by the Government or a federation under this Act, an order made under the second paragraph of section 67, or a written instruction;

(2)  a compliance program;

(3)  an undertaking under this Act.

The Authority may also order a legal person or partnership controlled by a financial services cooperative to cease a course of action or to implement specified measures if the Authority is of the opinion that the legal person or partnership is not complying with a provision of this Act, a prescriptive instrument adopted under this Act or a written instruction or an undertaking under this Act.

2000, c. 29, s. 567; 2002, c. 45, s. 330; 2004, c. 37, s. 90.

2004-02-01

567. The Agency may order a financial services cooperative to cease a course of action or to implement specified measures if the Agency is of the opinion that the cooperative is not adhering to sound and prudent management practices or is not complying with

(1)  a provision of this Act, a prescriptive instrument adopted by the Government or a federation under this Act, an order made under the second paragraph of section 67, or a written instruction;

(2)  a compliance program;

(3)  an undertaking under this Act.

The Agency may also order a legal person or partnership controlled by a financial services cooperative to cease a course of action or to implement specified measures if the Agency is of the opinion that the legal person or partnership is not complying with a provision of this Act, a prescriptive instrument adopted under this Act or a written instruction or an undertaking under this Act.

2000, c. 29, s. 567; 2002, c. 45, s. 330.

2001-07-01

567. The Inspector General may order a financial services cooperative to cease a course of action or to implement specified measures if the Inspector General is of the opinion that the credit union is not adhering to sound and prudent management practices or is not complying with

(1)  a provision of this Act, a normative instrument adopted by the Government or a federation under this Act, an order of the Government under the second paragraph of section 67 or a written instruction;

(2)  a compliance program; or

(3)  an undertaking under this Act.

The Inspector General may also order a legal person or a partnership controlled by a financial services cooperative to cease a course of action or to implement specified measures if the Inspector General is of the opinion that the legal person or partnership is not complying with a provision of this Act, a normative instrument adopted under this Act, a written instruction or an undertaking under this Act.

2000, c. 29, s. 567.