S-38 - Cooperative Syndicates Act

Section 16 Disposition versions

1994-01-01

16. (1)  The board of management may, within the scope of this Act and of the by-laws of the association but without prejudice to the powers of the committee of credit mentioned in section 22, deliberate, transact, compromise and provide for all things affecting the interests of the association and, in particular, it may:

(a)  Settle the terms of every contract, being careful to see that the interests of the association are fully secured;

(b)  Obtain hypothecary securities for the benefit of the association and give discharges therefor; acquire immovables by sale, with right of redemption or otherwise; and sell the same either publicly or by private sale; hypothecate these immovables and the movable property of the association;

(c)  Represent the association in any judicial proceeding, appeal from judgments and prosecute seizures of movables or immovables until fully satisfied.

(2)  The total amount of the sums borrowed by a syndicate shall not, at any time, exceed twice the amount of its special reserve fund or funds mentioned in section 39, and of its paid-up and unimpaired capital. For the purposes of this subsection, savings entrusted to a credit association by its associates, and loans entirely secured by the hypothecation of securities or movable effects, shall not be considered as borrowed sums.

R. S. 1964, c. 294, s. 16; 1992, c. 57, s. 697.

1977-12-31

16. (1)  The board of management may, within the scope of this act and of the by-laws of the association but without prejudice to the powers of the committee of credit mentioned in section 22, deliberate, transact, compromise and provide for all things affecting the interests of the association and, in particular, it may:

(a)  Settle the terms of every contract, being careful to see that the interests of the association are fully secured;

(b)  Obtain hypothecary securities for the benefit of the association and give discharges therefor; acquire immoveables by sale, with right of redemption or otherwise; and sell the same either publicly or by private sale; hypothecate these immoveables; pledge the moveable property of the association;

(c)  Represent the association in any judicial proceeding, appeal from judgments and prosecute seizures of moveables or immoveables until fully satisfied.

(2)  The total amount of the sums borrowed by a syndicate shall not, at any time, exceed twice the amount of its special reserve fund or funds mentioned in section 39, and of its paid-up and unimpaired capital. For the purposes of this subsection, savings entrusted to a credit association by its associates, and loans entirely secured by the pledging of securities or moveable effects, shall not be considered as borrowed sums.

R. S. 1964, c. 294, s. 16.