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C-67.3 - Act respecting financial services cooperatives
Section 63.1
Disposition versions
63.1. Interest may not be determined or paid on capital shares issued by a financial services cooperative that belongs to a network if there are reasonable grounds to believe that the network is, or would after the payment be, unable to maintain, in accordance with the first paragraph of section 440.1, adequate capital to ensure its sustainability, or
(1) if the interest is payable by a credit union on shares it has issued, the credit union is, or would after the payment be, unable to maintain, in accordance with section 461, adequate assets to meet its liabilities, as and when they become due; or
(2) if the interest is payable by a federation on shares it has issued or, under section 63, by a member credit union of the federation, the federation is, or would after the payment be, unable to maintain,
(a) in accordance with the second paragraph of section 440.1, adequate capital to ensure its sustainability; or
(b) in accordance with section 466, such liquid assets as are adequate to meet its requirements and obligations.
63.1. Interest may not be determined or paid on capital shares issued by a financial services cooperative that belongs to a network if there are reasonable grounds to believe that the network is, or would after the payment be, unable to maintain, in accordance with the first paragraph of section 440.1, adequate capital to ensure its sustainability, or
(1) if the interest is payable by a credit union on shares it has issued, the credit union is, or would after the payment be, unable to maintain, in accordance with section 461, adequate assets to meet its liabilities, as and when they become due; or
(2) if the interest is payable by a federation on shares it has issued or, under section 63, by a member credit union of the federation, the federation is, or would after the payment be, unable to maintain,
(a) in accordance with the second paragraph of section 440.1, adequate capital to ensure its sustainability; or
(b) in accordance with section 466, such liquid assets as are adequate to meet its requirements and obligations.
See special transitional provisions, S.Q. 2018, c. 23, s. 338.
