C-67.3 - Act respecting financial services cooperatives

Section 601.4 Disposition versions

2019-06-13

601.4. A monetary administrative penalty of $250 in the case of a natural person and $1,000 in any other case may be imposed on

(1)  a financial services cooperative

(a)  that, in contravention of section 37, fails to send the required documents to the Authority within 30 days following its organization meeting,

(b)  that, in contravention of section 131.7, fails to send a report on its complaint processing policy to the Authority,

(c)  that, in contravention of section 147, fails to inform the Authority of the resignation of the auditor,

(d)  that, in contravention of section 165, fails to send a copy of its annual report to a member who requests it, or

(e)  that, in contravention of section 166, fails to send a copy of its annual report to the Authority;

(2)  a credit union

(a)  that, in contravention of section 218, fails to send the amendments made to its by-laws to the Authority,

(b)  that, in contravention of section 221, fails to hold its annual meeting within four months from the end of its fiscal year, or

(c)  that, not being a member of a federation, in contravention of section 426, fails to send a report to the Authority;

(3)  a federation

(a)  that, in contravention of section 303, fails to hold its annual meeting within four months from the end of its fiscal year,

(b)  whose by-laws, in contravention of section 330, do not set out the number of times that a board member’s term of office may be renewed, whether consecutively or otherwise,

(c)  that, in contravention of section 333, fails to give notice to the Authority of a change made among the directors of the board of directors,

(d)  whose board of ethics and professional conduct, in contravention of section 353, fails to transmit a yearly report of its activities in matters of ethics and professional conduct to the Authority,

(e)  that, in contravention of section 376, fails to transmit its by-laws and the standards it has adopted to the Authority,

(f)  that, in contravention of section 385.6, fails to report to the Authority on the number of complaint records it has registered in the register of complaint records submitted for its examination and their nature,

(g)  whose audit and inspection commission, in contravention of section 390, fails to send the Authority a report on its activities up to the closing date of its last fiscal year,

(h)  that, in contravention of section 425, fails to send a copy of its annual report to a member who requests it,

(i)  that, in contravention of section 426, fails to send a report to the Authority, or

(j)  that, in contravention of section 427 or 463, fails to send its financial statements to the Authority;

(4)  a security fund that, in contravention of section 528, fails to send a statement of operations for the fiscal year just ended to the Authority, prepared in the form prescribed by the Authority and in compliance with the requirements set out in sections 529 and 530;

(5)  an auditor, other than the auditor referred to in the fifth paragraph of section 152, who, in contravention of that section, fails to send the required report to the Authority; or

(6)  a financial services cooperative, a member of its financial group or its auditor if it or he or she refuses to communicate or provide access to a document or information required by the Authority for the purposes of this Act.

The penalties prescribed by the first paragraph also apply if the information or documents concerned are incomplete, or are not sent before the specified time limit.

2018, c. 23, s. 332.

2018-07-13

601.4. A monetary administrative penalty of $250 in the case of a natural person and $1,000 in any other case may be imposed on

(1)  a financial services cooperative

(a)  that, in contravention of section 37, fails to send the required documents to the Authority within 30 days following its organization meeting,

In force: 2019-06-13

(b)  that, in contravention of section 131.7, fails to send a report on its complaint processing policy to the Authority,

(c)  that, in contravention of section 147, fails to inform the Authority of the resignation of the auditor,

(d)  that, in contravention of section 165, fails to send a copy of its annual report to a member who requests it, or

(e)  that, in contravention of section 166, fails to send a copy of its annual report to the Authority;

(2)  a credit union

(a)  that, in contravention of section 218, fails to send the amendments made to its by-laws to the Authority,

(b)  that, in contravention of section 221, fails to hold its annual meeting within four months from the end of its fiscal year, or

(c)  that, not being a member of a federation, in contravention of section 426, fails to send a report to the Authority;

(3)  a federation

(a)  that, in contravention of section 303, fails to hold its annual meeting within four months from the end of its fiscal year,

(b)  whose by-laws, in contravention of section 330, do not set out the number of times that a board member’s term of office may be renewed, whether consecutively or otherwise,

(c)  that, in contravention of section 333, fails to give notice to the Authority of a change made among the directors of the board of directors,

(d)  whose board of ethics and professional conduct, in contravention of section 353, fails to transmit a yearly report of its activities in matters of ethics and professional conduct to the Authority,

(e)  that, in contravention of section 376, fails to transmit its by-laws and the standards it has adopted to the Authority,

In force: 2019-06-13

(f)  that, in contravention of section 385.6, fails to report to the Authority on the number of complaint records it has registered in the register of complaint records submitted for its examination and their nature,

(g)  whose audit and inspection commission, in contravention of section 390, fails to send the Authority a report on its activities up to the closing date of its last fiscal year,

(h)  that, in contravention of section 425, fails to send a copy of its annual report to a member who requests it,

(i)  that, in contravention of section 426, fails to send a report to the Authority, or

(j)  that, in contravention of section 427 or 463, fails to send its financial statements to the Authority;

(4)  a security fund that, in contravention of section 528, fails to send a statement of operations for the fiscal year just ended to the Authority, prepared in the form prescribed by the Authority and in compliance with the requirements set out in sections 529 and 530;

(5)  an auditor, other than the auditor referred to in the fifth paragraph of section 152, who, in contravention of that section, fails to send the required report to the Authority; or

(6)  a financial services cooperative, a member of its financial group or its auditor if it or he or she refuses to communicate or provide access to a document or information required by the Authority for the purposes of this Act.

The penalties prescribed by the first paragraph also apply if the information or documents concerned are incomplete, or are not sent before the specified time limit.

2018, c. 23, s. 332.