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C-67.3 - Act respecting financial services cooperatives
Section 547.29
Disposition versions
547.29. By the sole effect of the Authority’s order, and for the duration of recovery operations, the Federation is invested with all the powers that this Act confers on the Fund; it may exercise them without the consent, authorization or approval of any organ, member or officer of the legal persons belonging to the Group or of their managers or other employees. In addition, the Federation may, for the purposes of the recovery operations, dispose of the sums and other assets of the Fund.
During this period, the powers of the board of directors of the Fund are suspended.
Not in force
547.29. By the sole effect of the Authority’s order, and for the duration of recovery operations, the Federation is invested with all the powers that this Act confers on the Fund; it may exercise them without the consent, authorization or approval of any organ, member or officer of the legal persons belonging to the Group or of their managers or other employees. In addition, the Federation may, for the purposes of the recovery operations, dispose of the sums and other assets of the Fund.
During this period, the powers of the board of directors of the Fund are suspended.
