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C-67.3 - Act respecting financial services cooperatives

Section 403
Disposition versions

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403. A federation may suspend the powers of the board of directors or board of supervision of a credit union for a maximum period of 30 days and appoint a provisional administrator to exercise the responsibilities of the board temporarily, as soon as the federation has reason to believe that
(1)  there has been misappropriation or embezzlement;
(2)  there has been a serious fault or substantial breach in the performance of obligations on the part of the board of directors or of an officer or manager of the credit union; or
(3)  control over the property of the credit union is insufficient to adequately protect its members’ rights.
2000, c. 29, s. 403; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2005, c. 35, s. 35; 2018, c. 23, s. 241.
403. A federation may, with the authorization of the Authority, suspend the powers of the board of directors or the board of supervision of a credit union for a maximum period of 30 days and appoint a provisional administrator to exercise the responsibilities of the board temporarily, as soon as the federation has reason to believe
(1)  that there has been misappropriation or embezzlement;
(2)  that there has been a grievous offence or serious lapse in the performance of obligations on the part of an officer of the credit union or on the part of its board of directors;
(3)  that control over the property of the credit union is insufficient to adequately protect the rights of its members.
The Authority may designate the administrator and, on request, may extend the period specified in the first paragraph.
2000, c. 29, s. 403; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2005, c. 35, s. 35.
403. A federation may, with the authorization of the Authority, suspend the powers of the board of directors or the board of audit and ethics of a credit union for a maximum period of 30 days and appoint a provisional administrator to exercise the responsibilities of the board temporarily, as soon as the federation has reason to believe
(1)  that there has been misappropriation or embezzlement;
(2)  that there has been a grievous offence or serious lapse in the performance of obligations on the part of an officer of the credit union or on the part of its board of directors;
(3)  that control over the property of the credit union is insufficient to adequately protect the rights of its members.
The Authority may designate the administrator and, on request, may extend the period specified in the first paragraph.
2000, c. 29, s. 403; 2002, c. 45, s. 338; 2004, c. 37, s. 90.
403. A federation may, with the authorization of the Agency, suspend the powers of the board of directors or the board of audit and ethics of a credit union for a maximum period of 30 days and appoint a provisional administrator to exercise the responsibilities of the board temporarily, as soon as the federation has reason to believe
(1)  that there has been misappropriation or embezzlement;
(2)  that there has been a grievous offence or serious lapse in the performance of obligations on the part of an officer of the credit union or on the part of its board of directors;
(3)  that control over the property of the credit union is insufficient to adequately protect the rights of its members.
The Agency may designate the administrator and, on request, may extend the period specified in the first paragraph.
2000, c. 29, s. 403; 2002, c. 45, s. 338.
403. A federation may, with the authorization of the Inspector General, suspend the powers of the board of directors or the board of audit and ethics of a credit union for a maximum period of 30 days and appoint a provisional administrator to exercise the responsibilities of the board temporarily, as soon as the federation has reason to believe
(1)  that there has been misappropriation or embezzlement;
(2)  that there has been a grievous offence or serious lapse in the performance of obligations on the part of an officer of the credit union or on the part of its board of directors;
(3)  that control over the property of the credit union is insufficient to adequately protect the rights of its members.
The Inspector General may designate the administrator and, on request, may extend the period specified in the first paragraph.
2000, c. 29, s. 403.
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