I-13.2.2 - Deposit Institutions and Deposit Protection Act

Section 40.21 Disposition versions

2018-07-13

40.21. At the request of a legal person belonging to the cooperative group, the Authority may, if so authorized by the resolution board, exempt a security agreement on that legal person’s property from the application of sections 40.15 to 40.17. The Authority may not exercise that power during the resolution operations.

As a result of that exemption, the Authority is not required to ensure that the secured obligation will be assumed by a third person, or to provide the third person with financial assistance enabling it to perform that obligation.

2018, c. 23, s. 376.