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C-67.3 - Act respecting financial services cooperatives

Section 485
Disposition versions

Full text
485. Any right of action arising from section 484 may be exercised by
(1)  the issuing corporation referred to in section 475 or holding company whose directors or officers authorized the investment;
(2)  the financial services cooperative which controls the issuing corporation or the holding company, acting as the mandatary of the issuing corporation or the holding company, if the issuing corporation or the holding company has neglected to exercise such right of action after having been formally notified to do so by the cooperative;
(3)  the Authority, acting as the mandatary of the issuing corporation or the holding company, if the issuing corporation or the holding company and the cooperative which controls it have both neglected to exercise such right of action after having been formally notified to do so by the Authority.
Where formal notice is given by a cooperative pursuant to subparagraph 2 of the first paragraph, a copy of the notice must be transmitted to the Authority.
2000, c. 29, s. 485; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2018, c. 23, s. 300.
485. Any right of action arising from section 484 may be exercised by
(1)  the legal person referred to in the first paragraph of section 480 or holding company whose directors or officers authorized the investment;
(2)  the financial services cooperative which controls the legal person or the holding company, acting as the mandatary of the legal person or the holding company, if the legal person or the holding company has neglected to exercise such right of action after having been formally notified to do so by the cooperative;
(3)  the Authority, acting as the mandatary of the legal person or the holding company, if the legal person or the holding company and the cooperative which controls it have both neglected to exercise such right of action after having been formally notified to do so by the Authority.
Where formal notice is given by a cooperative pursuant to subparagraph 2 of the first paragraph, a copy of the notice must be transmitted to the Authority.
2000, c. 29, s. 485; 2002, c. 45, s. 338; 2004, c. 37, s. 90.
485. Any right of action arising from section 484 may be exercised by
(1)  the legal person referred to in the first paragraph of section 480 or holding company whose directors or officers authorized the investment;
(2)  the financial services cooperative which controls the legal person or the holding company, acting as the mandatary of the legal person or the holding company, if the legal person or the holding company has neglected to exercise such right of action after having been formally notified to do so by the cooperative;
(3)  the Agency, acting as the mandatary of the legal person or the holding company, if the legal person or the holding company and the cooperative which controls it have both neglected to exercise such right of action after having been formally notified to do so by the Agency.
Where formal notice is given by a cooperative pursuant to subparagraph 2 of the first paragraph, a copy of the notice must be transmitted to the Agency.
2000, c. 29, s. 485; 2002, c. 45, s. 338.
485. Any right of action arising from section 484 may be exercised by
(1)  the legal person referred to in the first paragraph of section 480 or holding company whose directors or officers authorized the investment;
(2)  the financial services cooperative which controls the legal person or the holding company, acting as the mandatary of the legal person or the holding company, if the legal person or the holding company has neglected to exercise such right of action after having been formally notified to do so by the cooperative;
(3)  the Inspector General, acting as the mandatary of the legal person or the holding company, if the legal person or the holding company and the cooperative which controls it have both neglected to exercise such right of action after having been formally notified to do so by the Inspector General.
Where formal notice is given by a cooperative pursuant to subparagraph 2 of the first paragraph, a copy of the notice must be transmitted to the Inspector General.
2000, c. 29, s. 485.
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