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C-67.3 - Act respecting financial services cooperatives

Section 581
Disposition versions

Full text
581. (Repealed).
2000, c. 29, s. 581; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2008, c. 7, s. 70.
581. The Minister, after considering the report of the provisional administrator and on the recommendation of the Authority, may
(1)  lift, on such conditions as the Minister may determine, the suspension of the powers of the board of the financial services cooperative, or prolong such suspension for such period as the Minister may determine;
(2)  remove from office the members of the board of the financial services cooperative and order the provisional administrator to call a special meeting to elect new members;
(3)  order, on such conditions as the Minister may determine, the winding-up of the financial services cooperative and appoint a liquidator.
Any member who is removed from office under this section becomes disqualified from sitting as a member of the board of any financial services cooperative and of any legal person belonging to the group for a period of five years from the date of the member’s removal from office.
2000, c. 29, s. 581; 2002, c. 45, s. 338; 2004, c. 37, s. 90.
581. The Minister, after considering the report of the provisional administrator and on the recommendation of the Agency, may
(1)  lift, on such conditions as the Minister may determine, the suspension of the powers of the board of the financial services cooperative, or prolong such suspension for such period as the Minister may determine;
(2)  remove from office the members of the board of the financial services cooperative and order the provisional administrator to call a special meeting to elect new members;
(3)  order, on such conditions as the Minister may determine, the winding-up of the financial services cooperative and appoint a liquidator.
Any member who is removed from office under this section becomes disqualified from sitting as a member of the board of any financial services cooperative and of any legal person belonging to the group for a period of five years from the date of the member’s removal from office.
2000, c. 29, s. 581; 2002, c. 45, s. 338.
581. The Minister, after considering the report of the provisional administrator and on the recommendation of the Inspector General, may
(1)  lift, on such conditions as the Minister may determine, the suspension of the powers of the board of the financial services cooperative, or prolong such suspension for such period as the Minister may determine;
(2)  remove from office the members of the board of the financial services cooperative and order the provisional administrator to call a special meeting to elect new members;
(3)  order, on such conditions as the Minister may determine, the winding-up of the financial services cooperative and appoint a liquidator.
Any member who is removed from office under this section becomes disqualified from sitting as a member of the board of any financial services cooperative and of any legal person belonging to the group for a period of five years from the date of the member’s removal from office.
2000, c. 29, s. 581.
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