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C-67.3 - Act respecting financial services cooperatives

Section 369
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369. The federation may adopt standards applicable to the activities and management practices of its member credit unions.
It must, however, adopt standards applicable to those credit unions as regards
(1)  their commercial practices;
(2)  the contents of the financial report provided for in the second paragraph of section 135;
(3)  the hiring of the chief manager, his or her conditions of employment and the termination of his or her contract of employment;
(4)  the management of their capital and assets;
(5)  the processing of complaints and resolution of disputes;
(6)  their investments; and
(7)  the reserves to be maintained for doubtful debts and contingent losses.
A standard adopted under subparagraph 2 of the second paragraph is subject to the Authority’s approval.
2000, c. 29, s. 369; 2003, c. 20, s. 23; 2005, c. 35, s. 35; 2007, c. 18, s. 5; 2016, c. 7, s. 210; 2018, c. 23, s. 225.
369. The federation may adopt standards applicable to the activities and management practices of its member credit unions.
It must, however, adopt standards applicable to those credit unions as regards
(1)  their commercial practices;
(2)  the contents of the financial report provided for in the second paragraph of section 135;
(3)  the hiring of the chief manager, his or her conditions of employment and the termination of his or her contract of employment;
(4)  the management of their capital and assets;
(5)  the processing of complaints and resolution of disputes;
(6)  their investments; and
(7)  the reserves to be maintained for doubtful debts and contingent losses.
A standard adopted under subparagraph 2 of the second paragraph is subject to the Authority’s approval.
2000, c. 29, s. 369; 2003, c. 20, s. 23; 2005, c. 35, s. 35; 2007, c. 18, s. 5; 2016, c. 7, s. 210; 2018, c. 23, s. 225.
See special transitional provisions, S.Q. 2018, c. 23, s. 338.
369. The federation shall adopt standards applicable to the credit unions, with respect to
(1)  the requirements relating to accounting operations and to the books, registers and other accounting records which the credit unions are required to keep;
(1.1)  the content of the financial report provided for in the second paragraph of section 133;
(2)  the management, preservation and destruction of documents issued or received by a credit union;
(3)  the place and manner in which books, registers and other documents are to be preserved;
(4)  the book base system in a computerized register for the registration of the shares issued by the credit unions;
(5)  the management of the fund referred to in paragraph 6 of section 84, the conditions under which dividends may be paid into the fund, and the making of gifts out of that fund;
(6)  the making of gifts, other than gifts made out of the fund under paragraph 5;
(7)  the reports a credit union is required to submit for the purpose of determining the amount of the assessments the federation may charge, and the form and content thereof;
(8)  the establishment and administration of the fund referred to in paragraph 1 of section 46;
(9)  the reserve referred to in section 87 and investments the total or partial receipt of which allows it to draw on the reserve;
(10)  the keeping of books, registers and any other document on any electronic information storage device capable of reproducing information in intelligible written form;
(11)  the remuneration of the president of the board of directors;
(12)  the remuneration of the other members of the board of directors and the members of the board of supervision, which may vary with the office they hold;
(13)  the period within which a natural person may apply, under section 200.1, for membership in a credit union after the person has ceased to meet the conditions relating to a common characteristic set out in the articles of the credit union in accordance with the second paragraph of section 10.
The standard adopted under subparagraph 1.1 of the first paragraph must be submitted for approval to the Authority.
2000, c. 29, s. 369; 2003, c. 20, s. 23; 2005, c. 35, s. 35; 2007, c. 18, s. 5; 2016, c. 7, s. 210.
369. The federation shall adopt standards applicable to the credit unions, with respect to
(1)  the requirements relating to accounting operations and to the books, registers and other accounting records which the credit unions are required to keep;
(2)  the management, preservation and destruction of documents issued or received by a credit union;
(3)  the place and manner in which books, registers and other documents are to be preserved;
(4)  the book base system in a computerized register for the registration of the shares issued by the credit unions;
(5)  the management of the fund referred to in paragraph 6 of section 84, the conditions under which dividends may be paid into the fund, and the making of gifts out of that fund;
(6)  the making of gifts, other than gifts made out of the fund under paragraph 5;
(7)  the reports a credit union is required to submit for the purpose of determining the amount of the assessments the federation may charge, and the form and content thereof;
(8)  the establishment and administration of the fund referred to in paragraph 1 of section 46;
(9)  the reserve referred to in section 87 and investments the total or partial receipt of which allows it to draw on the reserve;
(10)  the keeping of books, registers and any other document on any electronic information storage device capable of reproducing information in intelligible written form;
(11)  the remuneration of the president of the board of directors;
(12)  the remuneration of the other members of the board of directors and the members of the board of supervision, which may vary with the office they hold;
(13)  the period within which a natural person may apply, under section 200.1, for membership in a credit union after the person has ceased to meet the conditions relating to a common characteristic set out in the articles of the credit union in accordance with the second paragraph of section 10.
2000, c. 29, s. 369; 2003, c. 20, s. 23; 2005, c. 35, s. 35; 2007, c. 18, s. 5.
369. The federation shall adopt standards applicable to the credit unions, with respect to
(1)  the requirements relating to accounting operations and to the books, registers and other accounting records which the credit unions are required to keep;
(2)  the management, preservation and destruction of documents issued or received by a credit union;
(3)  the place and manner in which books, registers and other documents are to be preserved;
(4)  the book base system in a computerized register for the registration of the shares issued by the credit unions;
(5)  the management of the fund referred to in paragraph 6 of section 84, the conditions under which dividends may be paid into the fund, and the making of gifts out of that fund;
(6)  the making of gifts, other than gifts made out of the fund under paragraph 5;
(7)  the reports a credit union is required to submit for the purpose of determining the amount of the assessments the federation may charge, and the form and content thereof;
(8)  the establishment and administration of the fund referred to in paragraph 1 of section 46;
(9)  the reserve referred to in section 87 and investments the total or partial receipt of which allows it to draw on the reserve;
(10)  the keeping of books, registers and any other document on any electronic information storage device capable of reproducing information in intelligible written form;
(11)  the remuneration of the president of the board of directors;
(12)  the remuneration of the other members of the board of directors and the members of the board of supervision, which may vary with the office they hold.
2000, c. 29, s. 369; 2003, c. 20, s. 23; 2005, c. 35, s. 35.
369. The federation shall adopt standards applicable to the credit unions, with respect to
(1)  the requirements relating to accounting operations and to the books, registers and other accounting records which the credit unions are required to keep;
(2)  the management, preservation and destruction of documents issued or received by a credit union;
(3)  the place and manner in which books, registers and other documents are to be preserved;
(4)  the book base system in a computerized register for the registration of the shares issued by the credit unions;
(5)  the management of the fund referred to in paragraph 6 of section 84, the conditions under which dividends may be paid into the fund, and the making of gifts out of that fund;
(6)  the making of gifts, other than gifts made out of the fund under paragraph 5;
(7)  the reports a credit union is required to submit for the purpose of determining the amount of the assessments the federation may charge, and the form and content thereof;
(8)  the establishment and administration of the fund referred to in paragraph 1 of section 46;
(9)  the reserve referred to in section 87 and investments the total or partial receipt of which allows it to draw on the reserve;
(10)  the keeping of books, registers and any other document on any electronic information storage device capable of reproducing information in intelligible written form;
(11)  the remuneration of the president of the board of directors;
(12)  the remuneration of the other members of the board of directors and the members of the board of audit and ethics, which may vary with the office they hold.
2000, c. 29, s. 369; 2003, c. 20, s. 23.
369. The federation shall adopt standards applicable to the credit unions, with respect to
(1)  the requirements relating to accounting operations and to the books, registers and other accounting records which the credit unions are required to keep;
(2)  the management, preservation and destruction of documents issued or received by a credit union;
(3)  the place and manner in which books, registers and other documents are to be preserved;
(4)  the book base system in a computerized register for the registration of the shares issued by the credit unions;
(5)  the management of the fund referred to in paragraph 6 of section 84, the conditions under which dividends may be paid into the fund, and the making of gifts out of that fund;
(6)  the making of gifts, other than gifts made out of the fund under paragraph 5;
(7)  the reports a credit union is required to submit for the purpose of determining the amount of the assessments the federation may charge, and the form and content thereof;
(8)  the establishment and administration of the fund referred to in paragraph 1 of section 46;
(9)  the reserve referred to in section 87 and investments the total or partial receipt of which allows it to draw on the reserve;
(10)  the keeping of books, registers and any other document on any electronic information storage device capable of reproducing information in intelligible written form.
2000, c. 29, s. 369.
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