C-4.1 - Savings and Credit Unions Act

Section 134 Disposition versions

1997-02-15

134. The board of directors shall, in particular,

(1)  observe and enforce the regulations made by the Government for the purposes of this Act, the by-laws of the credit union, of the federation with which it is affiliated and of the confederation with which the federation is affiliated, where that is the case, and the rules of ethics, standards, orders and written instructions issued under this Act;

(2)  provide the board of audit and ethics with any personnel it requires to carry out its functions;

(3)  furnish the Inspector General, at his request, with a certified copy of the by-laws of the credit union;

(4)  ensure the keeping and preservation of the registers;

(5)  determine the rate of interest on savings and preferred shares and the rate applicable to any extension of credit;

(6)  make or control the investments of the credit union;

(7)  insure the credit union against the risks of fire, theft, embezzlement by its officers or employees, and provide the credit union with civil liability insurance and directors’ and officers’ liability insurance;

(8)  designate the persons authorized to sign contracts or other documents on behalf of the credit union;

(9)  at the annual meeting, give an account of its management and submit the annual report;

(10)  facilitate the work of the persons responsible for the inspection of the credit union, the supervision of its transactions or the audit of its books and accounts.

1988, c. 64, s. 134; 1996, c. 69, s. 36.

1989-03-15

134. The board of directors shall, in particular,

(1)  observe and enforce the regulations made by the Government for the purposes of this Act, the by-laws of the credit union, of the federation with which it is affiliated and of the confederation with which the federation is affiliated, where that is the case, and the orders and written instructions issued under this Act;

(2)  provide the credit committee and the board of supervision with any personnel they require to carry out their functions;

(3)  furnish the Inspector General, at his request, with a certified copy of the by-laws of the credit union;

(4)  ensure the keeping and preservation of the registers;

(5)  determine the rate of interest on savings and preferred shares, the rate applicable to any extension of credit and the amounts available to the credit committee for loans to the members;

(6)  make or control the investments of the credit union;

(7)  insure the credit union against the risks of fire, theft, embezzlement by its officers or employees, and civil and employer’s liabilities;

(8)  designate the persons authorized to sign contracts or other documents on behalf of the credit union;

(9)  at the annual meeting, give an account of its management and submit the annual report;

(10)  facilitate the work of the persons responsible for the inspection of the credit union, the supervision of its transactions or the audit of its books and accounts.

1988, c. 64, s. 134.