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I-13.2.2 - Deposit Institutions and Deposit Protection Act
Section 40.14
Disposition versions
40.14. The resolution board’s order designates the Authority as the receiver of all the legal persons belonging to the cooperative group, including the security fund within the meaning of section 487 of the Act respecting financial services cooperatives (chapter C-67.3), until the closure of the resolution operations.
The Authority is then vested with the powers provided for in paragraphs 1 to 9 of section 19.2 of the Act respecting the regulation of the financial sector (chapter E-6.1), and sections 19.3 to 19.5 and 19.9 of that Act apply to the receivership so established, except any reference to an order of the Superior Court.
The Authority may not, under paragraph 4 of section 19.2 of that Act, terminate or cancel a financial contract covered by a regulation made under section 40.22.
40.14. The resolution board’s order designates the Authority as the receiver of all the legal persons belonging to the cooperative group, including the security fund within the meaning of section 487 of the Act respecting financial services cooperatives (chapter C-67.3), until the closure of the resolution operations.
The Authority is then vested with the powers provided for in paragraphs 1 to 9 of section 19.2 of the Act respecting the regulation of the financial sector (chapter E-6.1), and sections 19.3 to 19.5 and 19.9 of that Act apply to the receivership so established, except any reference to an order of the Superior Court.
