C-67.3 - Act respecting financial services cooperatives

Section 61.1 Disposition versions

2019-06-13

61.1. A financial services cooperative that belongs to a network may not purchase, repurchase or redeem the shares it has issued if there are reasonable grounds to believe that the network is, or would after the payment be, unable to maintain, in accordance with the first paragraph of section 440.1, adequate capital to ensure its sustainability, or

(1)  if the cooperative is a credit union, it is, or would after the payment be, unable to maintain, in accordance with section 461, adequate assets to meet its liabilities, as and when they become due; or

(2)  if the cooperative is a federation, it is, or would after the payment be, unable to maintain,

(a)  in accordance with the second paragraph of section 440.1, adequate capital to ensure its sustainability; or

(b)  in accordance with section 466, such liquid assets as are adequate to meet its requirements and obligations.

2018, c. 23, s. 61.

2018-07-13

61.1. A financial services cooperative that belongs to a network may not purchase, repurchase or redeem the shares it has issued if there are reasonable grounds to believe that the network is, or would after the payment be, unable to maintain, in accordance with the first paragraph of section 440.1, adequate capital to ensure its sustainability, or

(1)  if the cooperative is a credit union, it is, or would after the payment be, unable to maintain, in accordance with section 461, adequate assets to meet its liabilities, as and when they become due; or

(2)  if the cooperative is a federation, it is, or would after the payment be, unable to maintain,

(a)  in accordance with the second paragraph of section 440.1, adequate capital to ensure its sustainability; or

(b)  in accordance with section 466, such liquid assets as are adequate to meet its requirements and obligations.

2018, c. 23, s. 61.

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