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C-67.3 - Act respecting financial services cooperatives

Section 126
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126. (Repealed).
2000, c. 29, s. 126; 2005, c. 35, s. 35, s. 36; 2018, c. 23, s. 103.
126. Every service contract between a financial services cooperative and a restricted party must be made on favourable terms for the credit union or at least on competitive terms.
Every such contract must be approved by the board of directors of the cooperative after it has obtained the advice of the board of supervision or the board of ethics and professional conduct, unless it involves only minimal amounts.
In cases of contestation, the onus is on the cooperative to show that the service contract to which it is a party meets the prescribed requirements.
2000, c. 29, s. 126; 2005, c. 35, s. 35, s. 36.
126. Every service contract between a financial services cooperative and a restricted party must be made on favourable terms for the credit union or at least on competitive terms.
Every such contract must be approved by the board of directors of the cooperative after it has obtained the advice of the board of audit and ethics or the board of ethics, unless it involves only minimal amounts.
In cases of contestation, the onus is on the cooperative to show that the service contract to which it is a party meets the prescribed requirements.
2000, c. 29, s. 126.
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