S-38 - Cooperative Syndicates Act

Section 40 Disposition versions

1994-01-01

40. Credit associations only are authorized to give credit and make loans to their members.

With the exception of such credit or loans to their members, sums deposited in a chartered bank, a savings bank, a trust company, another cooperative credit syndicate or a regional or provincial federation of such syndicates, all the investments by such credit associations must be made in stocks or debentures of the Dominion of Canada or of Québec or expressly guaranteed by the Dominion or Québec, or in the loans of any municipality or of any school board in Québec or the Conseil scolaire de l’île de Montréal, or in duly authorized loans for the erection or repair of churches, presbyteries or cemeteries in Québec, or in the loans of fabriques or ecclesiastical or religious corporations in Québec, or in real estate in Québec, or on a first hypothec to an amount not exceeding 3/5 of the municipal valuation of the real estate affected.

No such investments, however, may be effected by the board of management of the credit association unless previously approved by the principal administrative body or board of management of any federation organized under section 49, whose jurisdiction or authority, as determined by its by-laws and regulations, extend over the territory of such association.

The previous approval of such federation in no way renders it responsible.

R. S. 1964, c. 294, s. 40; 1972, c. 60, s. 45; 1977, c. 5, s. 14; 1988, c. 84, s. 700; 1992, c. 57, s. 698.

1989-07-01

40. Credit associations only are authorized to give credit and make loans to their members.

With the exception of such credit or loans to their members, sums deposited in a chartered bank, a savings bank, a trust company, another cooperative credit syndicate or a regional or provincial federation of such syndicates, all the investments by such credit associations must be made in stocks or debentures of the Dominion of Canada or of Québec or expressly guaranteed by the Dominion or Québec, or in the loans of any municipality or of any school board in Québec or the Conseil scolaire de l’île de Montréal, or in duly authorized loans for the erection or repair of churches, presbyteries or cemeteries in Québec, or in the loans of fabriques or ecclesiastical or religious corporations in Québec, or in real estate in Québec, or on a first privilege or first hypothec to an amount not exceeding three-fifths of the municipal valuation of the real estate affected.

No such investments, however, may be effected by the board of management of the credit association unless previously approved by the principal administrative body or board of management of any federation organized under section 49, whose jurisdiction or authority, as determined by its by-laws and regulations, extend over the territory of such association.

The previous approval of such federation in no way renders it responsible.

R. S. 1964, c. 294, s. 40; 1972, c. 60, s. 45; 1977, c. 5, s. 14; 1988, c. 84, s. 700.

1977-12-31

40. Credit associations only are authorized to give credit and make loans to their members.

With the exception of such credit or loans to their members, sums deposited in a chartered bank, a savings bank, a trust company, another cooperative credit syndicate or a regional or provincial federation of such syndicates, all the investments by such credit associations must be made in stocks or debentures of the Dominion of Canada or of Québec or expressly guaranteed by the Dominion or Québec, or in the loans of any municipality or of any school corporation in Québec or the Conseil scolaire de l’île de Montréal, or in duly authorized loans for the erection or repair of churches, presbyteries or cemeteries in Québec, or in the loans of fabriques or ecclesiastical or religious corporations in Québec, or in real estate in Québec, or on a first privilege or first hypothec to an amount not exceeding three-fifths of the municipal valuation of the real estate affected.

No such investments, however, may be effected by the board of management of the credit association unless previously approved by the principal administrative body or board of management of any federation organized under section 49, whose jurisdiction or authority, as determined by its by-laws and regulations, extend over the territory of such association.

The previous approval of such federation in no way renders it responsible.

R. S. 1964, c. 294, s. 40; 1972, c. 60, s. 45; 1977, c. 5, s. 14.