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C-67.3 - Act respecting financial services cooperatives

Section 268
Disposition versions

Full text
268. The board of supervision shall notify the board of directors and the federation immediately, in writing, if it believes that the credit union is contravening a rule of ethics or professional conduct.
The board of supervision shall notify the Authority where, in its opinion, the board of directors and the federation are neglecting to take, as soon as possible under the circumstances, the necessary measures to remedy the situation identified in the notice.
2000, c. 29, s. 268; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2005, c. 35, s. 18.
268. The board of audit and ethics shall notify, in writing, the board of directors and the federation if
(1)  in its opinion, the credit union is contravening a provision of this Act or the regulations or by-laws where the contravention relates to the operations and transactions of the credit union and may have an adverse effect on its financial position;
(2)  it discovers management practices that may have an adverse effect on the financial position of the credit union;
(3)  it observes that the credit union is not complying with the standards, orders or written instructions issued under this Act.
The board of audit and ethics shall notify the Authority where, in its opinion, the board of directors and the federation are neglecting to take, as soon as possible under the circumstances, the necessary measures to remedy the situation identified in the notice.
2000, c. 29, s. 268; 2002, c. 45, s. 338; 2004, c. 37, s. 90.
268. The board of audit and ethics shall notify, in writing, the board of directors and the federation if
(1)  in its opinion, the credit union is contravening a provision of this Act or the regulations or by-laws where the contravention relates to the operations and transactions of the credit union and may have an adverse effect on its financial position;
(2)  it discovers management practices that may have an adverse effect on the financial position of the credit union;
(3)  it observes that the credit union is not complying with the standards, orders or written instructions issued under this Act.
The board of audit and ethics shall notify the Agency where, in its opinion, the board of directors and the federation are neglecting to take, as soon as possible under the circumstances, the necessary measures to remedy the situation identified in the notice.
2000, c. 29, s. 268; 2002, c. 45, s. 338.
268. The board of audit and ethics shall notify, in writing, the board of directors and the federation if
(1)  in its opinion, the credit union is contravening a provision of this Act or the regulations or by-laws where the contravention relates to the operations and transactions of the credit union and may have an adverse effect on its financial position;
(2)  it discovers management practices that may have an adverse effect on the financial position of the credit union;
(3)  it observes that the credit union is not complying with the standards, orders or written instructions issued under this Act.
The board of audit and ethics shall notify the Inspector General where, in its opinion, the board of directors and the federation are neglecting to take, as soon as possible under the circumstances, the necessary measures to remedy the situation identified in the notice.
2000, c. 29, s. 268.
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