C-67.3 - Act respecting financial services cooperatives

Section 257 Disposition versions

2018-07-13

257. The function of the board of supervision is to oversee the operations of the credit union from an ethical, professional and cooperative point of view.

The board of supervision shall, in particular,

(1)  ensure that the rules of ethics and professional conduct adopted by the board of ethics and professional conduct of the federation or, where the credit union is not a member of a federation, by the board of supervision itself, are observed;

(2)  ensure that the officers and managers of the credit union carry out their responsibilities properly;

(3)  ensure that the rights of the members are respected;

(4)  ensure that the credit union promotes economic and social education and education in the cooperative field;

(5)  ensure that the credit union promotes cooperation between its members, between its members and the credit union and between the credit union and other cooperative bodies;

(6)  ensure that the credit union’s commitment to the community is carried out efficiently and in conformity with its cooperative values;

(7)  ensure that cooperative values are integrated into the credit union’s management and commercial practices;

(8)  ensure that the admission of members and the suspension or expulsion of members are in compliance with the applicable legislative provisions and the by-laws of the credit union.

2000, c. 29, s. 257; 2005, c. 35, s. 12; 2018, c. 23, s. 156.

2005-12-06

257. The function of the board of supervision is to oversee the operations of the credit union from an ethical, professional and cooperative point of view.

The board of supervision shall, in particular,

(1)  ensure that the rules of ethics and professional conduct adopted by the board of ethics and professional conduct of the federation or, where the credit union is not a member of a federation, by the board of supervision itself, are observed;

(2)  ensure that the credit union officers carry out their responsibilities properly;

(3)  ensure that the rights of the members are respected;

(4)  ensure that the credit union promotes economic and social education and education in the cooperative field;

(5)  ensure that the credit union promotes cooperation between its members, between its members and the credit union and between the credit union and other cooperative bodies;

(6)  ensure that the credit union’s commitment to the community is carried out efficiently and in conformity with its cooperative values;

(7)  ensure that cooperative values are integrated into the credit union’s management and commercial practices;

(8)  ensure that the admission of members and the suspension or expulsion of members are in compliance with the applicable legislative provisions and the by-laws of the credit union.

2000, c. 29, s. 257; 2005, c. 35, s. 12.

2001-07-01

257. The function of the board of audit and ethics is to supervise the operations of the credit union.

The board of audit and ethics shall, in particular,

(1)  ensure that the operations of the credit union are in compliance with the Acts, regulations, standards, orders and written instructions applicable to it, and see that the credit union complies with them;

(2)  ensure that the credit union adheres to sound and prudent management practices;

(3)  ensure that the rules adopted by the board of ethics of the federation or, where the credit union is not a member of a federation, by the board of audit and ethics, are observed;

(4)  ensure that the internal affairs and activities of the credit union are inspected in accordance with the provisions of this Act;

(5)  ensure that the admission of members and the suspension and expulsion of members are in compliance with the applicable legislative provisions and the by-laws of the credit union;

(6)  ensure that the executive committee and the special committees of the credit union act in accordance with their powers and duties, and with the Acts, regulations, standards and rules of ethics applicable to them;

(7)  recommend that the board of directors take any decision in order to implement, apply and periodically revise the policies and orientations of the credit union, and in particular any provision relating to the protection of the interests of the credit union and its members.

2000, c. 29, s. 257.