Consolidated Statutes and Regulations
Consolidated Statutes
Consolidated Regulations
Annual Statutes and Regulations
Annual Statutes
Annual Regulations
Additional information
Québec Official Publisher
What’s new?
Information note
Policy of the Minister of Justice
Laws: Amendments
Laws: Provisions not in force
Laws: Provisions brought into force
Annual Statutes: PDF versions since 1996
Regulations: Amendments
Annual Regulations: PDF versions since 1996
Court Decisions
C-67.3 - Act respecting financial services cooperatives
Section 547.11
Disposition versions
547.11. The officers of a financial services cooperative that belongs to the Group are bound by the obligations referred to in section 102 not only toward and in the interest of their own cooperative, but also toward the cooperatives and the Fund that form the Group and in the interest of the Group; consequently, in the exercise of their functions, the officers are duty-bound toward the cooperatives and the Fund to act with prudence and diligence, honesty and loyalty and in the interest of the Group. They must, if the cooperative’s interest does not correspond with the Group’s interest, favour the latter.
The managers of such a financial services cooperative, in their capacity as mandataries of the cooperative, are bound by, among other obligations, the same ones as are binding on officers under the first paragraph.
In determining whether something is in the interest of the Group, the latter must be considered as a single legal person comprising the cooperatives and Fund that form it, even though the Group is not a legal person.
Not in force
547.11. The officers of a financial services cooperative that belongs to the Group are bound by the obligations referred to in section 102 not only toward and in the interest of their own cooperative, but also toward the cooperatives and the Fund that form the Group and in the interest of the Group; consequently, in the exercise of their functions, the officers are duty-bound toward the cooperatives and the Fund to act with prudence and diligence, honesty and loyalty and in the interest of the Group. They must, if the cooperative’s interest does not correspond with the Group’s interest, favour the latter.
The managers of such a financial services cooperative, in their capacity as mandataries of the cooperative, are bound by, among other obligations, the same ones as are binding on officers under the first paragraph.
In determining whether something is in the interest of the Group, the latter must be considered as a single legal person comprising the cooperatives and Fund that form it, even though the Group is not a legal person.
