C-67.3 - Act respecting financial services cooperatives

Section 173 Disposition versions

2018-07-13

173. The liquidator shall first pay the debts of the financial services cooperative, the costs of winding-up and the shares referred to in section 713. The liquidator shall then redeem the shares according to their respective ranks; sections 61.1 to 61.3 do not apply to such a redemption.

The balance of the assets of a credit union devolves upon the federation or, if the credit union does not belong to a federation, upon a legal person designated by the Government.

The amounts representing the deposits or shares that could not be redeemed shall be remitted to the Minister of Revenue, together with a statement setting out the amounts and the name and last known address of the persons entitled thereto and the date of their remittance to the Minister of Revenue.

The Unclaimed Property Act (chapter B-5.1) applies to the amounts remitted to the Minister of Revenue under the third paragraph.

2000, c. 29, s. 173; 2005, c. 44, s. 54; 2011, c. 10, s. 70; 2018, c. 23, s. 117.

2011-06-13

173. The liquidator shall first pay the debts of the financial services cooperative, the costs of winding-up and the shares referred to in section 713. The liquidator shall then redeem the shares according to their respective ranks.

The balance of the assets of a credit union devolves upon the federation or, if the credit union does not belong to a federation, upon a legal person designated by the Government.

The amounts representing the deposits or shares that could not be redeemed shall be remitted to the Minister of Revenue, together with a statement setting out the amounts and the name and last known address of the persons entitled thereto and the date of their remittance to the Minister of Revenue.

The Unclaimed Property Act (chapter B-5.1) applies to the amounts remitted to the Minister of Revenue under the third paragraph.

2000, c. 29, s. 173; 2005, c. 44, s. 54; 2011, c. 10, s. 70.

2006-04-01

173. The liquidator shall first pay the debts of the financial services cooperative, the costs of winding-up and the shares referred to in section 713. The liquidator shall then redeem the shares according to their respective ranks.

The balance of the assets of a credit union devolves upon the federation or, if the credit union does not belong to a federation, upon a legal person designated by the Government.

The amounts representing the deposits or shares that could not be redeemed shall be remitted to the Minister of Revenue, together with a statement setting out the amounts and the name and last known address of the persons entitled thereto and the date of their remittance to the Minister of Revenue.

The provisions of the Public Curator Act (chapter C‐81) apply to the amounts remitted to the Minister of Revenue under the third paragraph.

2000, c. 29, s. 173; 2005, c. 44, s. 54.

2001-07-01

173. The liquidator shall first pay the debts of the financial services cooperative, the costs of winding-up and the shares referred to in section 713. The liquidator shall then redeem the shares according to their respective ranks.

The balance of the assets of a credit union devolves upon the federation or, if the credit union does not belong to a federation, upon a legal person designated by the Government.

The amounts representing the deposits or shares that could not be redeemed shall be remitted to the Public Curator, together with a statement setting out the amounts and the name and last known address of the persons entitled thereto and the date of their remittance to the Public Curator.

The provisions of the Public Curator Act (chapter C‐81) apply to the amounts remitted to the Public Curator under the third paragraph.

2000, c. 29, s. 173.