C-67.3 - Act respecting financial services cooperatives

Section 547.34 Disposition versions

2019-06-13

547.34. In its interventions with regard to a credit union, the Fund may,

(1)  order the assignment of any part of the enterprise of a credit union belonging to the Group or order the transfer of any such part between such credit unions;

(2)  order the amalgamation or dissolution of credit unions; and

(3)  establish a legal person to facilitate the liquidation of a credit union’s bad assets.

If it orders the transfer of part of the enterprise of a credit union to another credit union, the Fund must absorb any related deficit and pay the compensation it determines for the detriment caused to the credit union. This also applies in cases where it orders an amalgamation.

The Fund may not order the dissolution of a credit union without first transferring the deposits the credit union has received to another deposit institution authorized under the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2).

2018, c. 23, s. 315.

2018-12-07

547.34. In its interventions with regard to a credit union, the Fund may,

(1)  order the assignment of any part of the enterprise of a credit union belonging to the Group or order the transfer of any such part between such credit unions;

(2)  order the amalgamation or dissolution of credit unions; and

(3)  establish a legal person to facilitate the liquidation of a credit union’s bad assets.

If it orders the transfer of part of the enterprise of a credit union to another credit union, the Fund must absorb any related deficit and pay the compensation it determines for the detriment caused to the credit union. This also applies in cases where it orders an amalgamation.

The Fund may not order the dissolution of a credit union without first transferring the deposits the credit union has received to another deposit institution authorized under the Deposit Institutions and Deposit Protection Act (chapter A-26).

2018, c. 23, s. 315.

See special transitional provisions, S.Q. 2018, c. 23, s. 338.

Not in force

Not in force

547.34. In its interventions with regard to a credit union, the Fund may,

(1)  order the assignment of any part of the enterprise of a credit union belonging to the Group or order the transfer of any such part between such credit unions;

(2)  order the amalgamation or dissolution of credit unions; and

(3)  establish a legal person to facilitate the liquidation of a credit union’s bad assets.

If it orders the transfer of part of the enterprise of a credit union to another credit union, the Fund must absorb any related deficit and pay the compensation it determines for the detriment caused to the credit union. This also applies in cases where it orders an amalgamation.

The Fund may not order the dissolution of a credit union without first transferring the deposits the credit union has received to another deposit institution authorized under the Deposit Institutions and Deposit Protection Act (chapter A-26).

2018, c. 23, s. 315.

See special transitional provisions, S.Q. 2018, c. 23, s. 338.