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C-67.3 - Act respecting financial services cooperatives

Section 123
Disposition versions

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123. The following natural persons and groups are restricted parties with respect to a financial services cooperative:
(1)  the cooperative’s officers and managers;
(2)  if the cooperative is a credit union that is a member of a federation, the federation’s officers and managers;
(3)  a group whose board of directors is composed, in the majority, of officers of the cooperative;
(4)  natural persons and groups having economic ties with the officers or managers referred to in subparagraphs 1 to 3; and
(5)  any other person or group designated under section 124.
A group that belongs to the same financial group as a financial services cooperative is not a restricted party with respect to the cooperative.
2000, c. 29, s. 123; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2018, c. 23, s. 102.
123. The Authority shall, when designating a person as being a restricted party, notify the person designated and the financial services cooperative concerned of the decision.
The decision may be revised by the Authority at the request of the person so designated or of the cooperative concerned.
Before rendering or refusing to revise a decision, the Authority must give the person and the cooperative concerned an opportunity to present observations.
2000, c. 29, s. 123; 2002, c. 45, s. 338; 2004, c. 37, s. 90.
123. The Agency shall, when designating a person as being a restricted party, notify the person designated and the financial services cooperative concerned of the decision.
The decision may be revised by the Agency at the request of the person so designated or of the cooperative concerned.
Before rendering or refusing to revise a decision, the Agency must give the person and the cooperative concerned an opportunity to present observations.
2000, c. 29, s. 123; 2002, c. 45, s. 338.
123. The Inspector General shall, when designating a person as being a restricted party, notify the person designated and the financial services cooperative concerned of the decision.
The decision may be revised by the Inspector General at the request of the person so designated or of the cooperative concerned.
Before rendering or refusing to revise a decision, the Inspector General must give the person and the cooperative concerned an opportunity to present observations.
2000, c. 29, s. 123.
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