C-67.3 - Act respecting financial services cooperatives

Section 284.1 Disposition versions

2018-07-13

284.1. If the Minister allows it, a cooperative that is established under an Act of a jurisdiction other than Québec and that has a mission similar to that of a credit union within the meaning of this Act, but whose principal establishment is located outside Québec, may continue as such a credit union if

(1)  the Act governing it allows such continuance;

(2)  either a federation agrees to admit it as a member once it is continued and undertakes to furnish, at the request of the Authority, guarantees that the Authority considers sufficient to ensure the protection of the credit union’s members, or the cooperative itself furnishes guarantees that the Authority considers sufficient to ensure such protection; and

(3)  it will be able to retain its principal establishment outside Québec.

The guarantees required for the purposes of subparagraph 2 of the first paragraph may be furnished by a security fund rather than a federation.

2018, c. 23, s. 173.