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C-67.3 - Act respecting financial services cooperatives

Section 292
Disposition versions

Full text
292. Every decision of a federation concerning the admission or expulsion of a credit union shall be immediately transmitted to the credit union and to the Authority.
The decision of a federation to expel a credit union shall become effective only once
(1)  another federation has undertaken to admit the credit union as a member, or once the new federation the constitution of which the credit union has applied for is constituted and the credit union has received articles of amendment to be affiliated therewith;
(2)  the credit union has amalgamated with a credit union affiliated with another federation;
(3)  the credit union is dissolved; or
(4)  the credit union is exempted from compliance with section 186 by the Minister.
2000, c. 29, s. 292; 2002, c. 45, s. 338; 2004, c. 37, s. 90.
292. Every decision of a federation concerning the admission or expulsion of a credit union shall be immediately transmitted to the credit union and to the Agency.
The decision of a federation to expel a credit union shall become effective only once
(1)  another federation has undertaken to admit the credit union as a member, or once the new federation the constitution of which the credit union has applied for is constituted and the credit union has received articles of amendment to be affiliated therewith;
(2)  the credit union has amalgamated with a credit union affiliated with another federation;
(3)  the credit union is dissolved; or
(4)  the credit union is exempted from compliance with section 186 by the Minister.
2000, c. 29, s. 292; 2002, c. 45, s. 338.
292. Every decision of a federation concerning the admission or expulsion of a credit union shall be immediately transmitted to the credit union and to the Inspector General.
The decision of a federation to expel a credit union shall become effective only once
(1)  another federation has undertaken to admit the credit union as a member, or once the new federation the constitution of which the credit union has applied for is constituted and the credit union has received articles of amendment to be affiliated therewith;
(2)  the credit union has amalgamated with a credit union affiliated with another federation;
(3)  the credit union is dissolved; or
(4)  the credit union is exempted from compliance with section 186 by the Minister.
2000, c. 29, s. 292.
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