C-4.1 - Savings and Credit Unions Act

Section 213 Disposition versions

1999-12-16

213. A credit union may

(1)  receive deposits from a federation, a confederation or La Caisse centrale Desjardins du Québec;

(2)  with the authorization of the federation with which it is affiliated or, if it is not affiliated, with the authorization of the Inspector General, receive deposits from or extend credit to another credit union;

(3)  receive deposits from or extend credit to the Government of Québec or of Canada, a municipality or a school board in Québec, and their mandataries;

(4)  sell bonds or other debt securities issued or guaranteed by the Government of Québec or of Canada, a municipality or a school board in Québec;

(4.1)  pursue activities as a firm, a distributor or a restricted certificate holder in accordance with the Act respecting the distribution of financial products and services (chapter D‐9.2);

(5)  act, according to law, as a securities dealer for the distribution of permanent shares and preferred shares issued by it and for the distribution of the securities of a holding company controlled by the confederation with which the federation of which the credit union is a member is affiliated, where that is the case;

(6)  issue, endorse, accept and discount promissory notes, bills of exchange, drafts and other negotiable instruments and receive deposits transferable by order to third persons;

(6.1)  where it is affiliated with a federation affiliated with a confederation and where the confederation has given its approval pursuant to the first paragraph of section 469.2, borrow from a legal person referred to in the first paragraph of section 469.1, in the amount resulting from the apportionment made under the second paragraph of section 469.2, by way of the issue of subordinated debt securities;

(7)  offer cash management, electronic cash command and factoring services;

(8)  acquire or transfer claims, except in the cases prescribed by regulation of the Government;

(9)  acquire and sell traveller’s cheques;

(10)  provide or offer payment card and credit card services;

(11)  offer and administer savings plans which must be registered pursuant to the Taxation Act (chapter I‐3) or the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement).

For the purposes of subparagraph 4.1 of the first paragraph, a credit union may enter into an agreement with another credit union to constitute a legal person or a partnership and entrust it with pursuing the activities authorized under that subparagraph.

A credit union, or a legal person or partnership constituted under the second paragraph, must comply with the standards relating to commercial practices regarding the distribution of financial products and services that are applicable to it.

1988, c. 64, s. 213; 1994, c. 38, s. 2; 1995, c. 31, s. 1; 1998, c. 37, s. 517; 1999, c. 72, s. 1.

1999-07-19

213. A credit union may

(1)  receive deposits from a federation, a confederation or La Caisse centrale Desjardins du Québec;

(2)  with the authorization of the federation with which it is affiliated or, if it is not affiliated, with the authorization of the Inspector General, receive deposits from or extend credit to another credit union;

(3)  receive deposits from or extend credit to the Government of Québec or of Canada, a municipality or a school board in Québec, and their mandataries;

(4)  sell bonds or other debt securities issued or guaranteed by the Government of Québec or of Canada, a municipality or a school board in Québec;

(4.1)  pursue activities as a firm, a distributor or a restricted certificate holder in accordance with the Act respecting the distribution of financial products and services (chapter D‐9.2);

(5)  act, according to law, as a securities dealer for the distribution of permanent shares and preferred shares issued by it and for the distribution of the securities of a holding company controlled by the confederation with which the federation of which the credit union is a member is affiliated, where that is the case;

(6)  issue, endorse, accept and discount promissory notes, bills of exchange, drafts and other negotiable instruments and receive deposits transferable by order to third persons;

(6.1)  where it is affiliated with a federation affiliated with a confederation and where the confederation has given its approval pursuant to the first paragraph of section 469.2, borrow from a legal person referred to in the first paragraph of section 469.1, in the amount resulting from the apportionment made under the second paragraph of section 469.2, by way of the issue of subordinated debt securities;

(7)  offer cash management, electronic cash command and factoring services;

(8)  transfer to another credit union, to a federation or, with the authorization of the federation with which it is affiliated or if it is not affiliated, of the Inspector General, to any other person, or acquire from another credit union or federation claims resulting from loans granted by the transferring credit union or federation;

(9)  acquire and sell traveller’s cheques;

(10)  provide or offer payment card and credit card services;

(11)  offer and administer savings plans which must be registered pursuant to the Taxation Act (chapter I‐3) or the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement).

For the purposes of subparagraph 4.1 of the first paragraph, a credit union may enter into an agreement with another credit union to constitute a legal person or a partnership and entrust it with pursuing the activities authorized under that subparagraph.

A credit union, or a legal person or partnership constituted under the second paragraph, must comply with the standards relating to commercial practices regarding the distribution of financial products and services that are applicable to it.

1988, c. 64, s. 213; 1994, c. 38, s. 2; 1995, c. 31, s. 1; 1998, c. 37, s. 517.

2999-12-31

213. A credit union may

(1)  receive deposits from a federation, a confederation or La Caisse centrale Desjardins du Québec;

(2)  with the authorization of the federation with which it is affiliated or, if it is not affiliated, with the authorization of the Inspector General, receive deposits from or extend credit to another credit union;

(3)  receive deposits from or extend credit to the Government of Québec or of Canada, a municipality or a school board in Québec, and their mandataries;

(4)  sell bonds or other debt securities issued or guaranteed by the Government of Québec or of Canada, a municipality or a school board in Québec;

Not in force

(4.1)  pursue activities as a firm, a distributor or a restricted certificate holder in accordance with the Act respecting the distribution of financial products and services (chapter D-9.2);

(5)  act, according to law, as a securities dealer for the distribution of permanent shares and preferred shares issued by it and for the distribution of the securities of a holding company controlled by the confederation with which the federation of which the credit union is a member is affiliated, where that is the case;

(6)  issue, endorse, accept and discount promissory notes, bills of exchange, drafts and other negotiable instruments and receive deposits transferable by order to third persons;

(6.1)  where it is affiliated with a federation affiliated with a confederation and where the confederation has given its approval pursuant to the first paragraph of section 469.2, borrow from a legal person referred to in the first paragraph of section 469.1, in the amount resulting from the apportionment made under the second paragraph of section 469.2, by way of the issue of subordinated debt securities;

(7)  offer cash management, electronic cash command and factoring services;

(8)  transfer to another credit union, to a federation or, with the authorization of the federation with which it is affiliated or if it is not affiliated, of the Inspector General, to any other person, or acquire from another credit union or federation claims resulting from loans granted by the transferring credit union or federation;

(9)  acquire and sell traveller’s cheques;

(10)  provide or offer payment card and credit card services;

(11)  offer and administer savings plans which must be registered pursuant to the Taxation Act (chapter I-3) or the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement).

Not in force

For the purposes of subparagraph 4.1 of the first paragraph, a credit union may enter into an agreement with another credit union to constitute a legal person or a partnership and entrust it with pursuing the activities authorized under that subparagraph.

Not in force

A credit union, or a legal person or partnership constituted under the second paragraph, must comply with the standards relating to commercial practices regarding the distribution of financial products and services that are applicable to it.

1988, c. 64, s. 213; 1994, c. 38, s. 2; 1995, c. 31, s. 1; 1998, c. 37, s. 517.

1995-06-21

213. A credit union may

(1)  receive deposits from a federation, a confederation or La Caisse centrale Desjardins du Québec;

(2)  with the authorization of the federation with which it is affiliated or, if it is not affiliated, with the authorization of the Inspector General, receive deposits from or extend credit to another credit union;

(3)  receive deposits from or extend credit to the Government of Québec or of Canada, a municipality or a school board in Québec, and their mandataries;

(4)  sell bonds or other debt securities issued or guaranteed by the Government of Québec or of Canada, a municipality or a school board in Québec;

(5)  act, according to law, as a securities dealer for the distribution of permanent shares and preferred shares issued by it and for the distribution of the securities of a holding company controlled by the confederation with which the federation of which the credit union is a member is affiliated, where that is the case;

(6)  issue, endorse, accept and discount promissory notes, bills of exchange, drafts and other negotiable instruments and receive deposits transferable by order to third persons;

(6.1)  where it is affiliated with a federation affiliated with a confederation and where the confederation has given its approval pursuant to the first paragraph of section 469.2, borrow from a legal person referred to in the first paragraph of section 469.1, in the amount resulting from the apportionment made under the second paragraph of section 469.2, by way of the issue of subordinated debt securities;

(7)  offer cash management, electronic cash command and factoring services;

(8)  transfer to another credit union, to a federation or, with the authorization of the federation with which it is affiliated or if it is not affiliated, of the Inspector General, to any other person, or acquire from another credit union or federation claims resulting from loans granted by the transferring credit union or federation;

(9)  acquire and sell traveller’s cheques;

(10)  provide or offer payment card and credit card services;

(11)  offer and administer savings plans which must be registered pursuant to the Taxation Act (chapter I-3) or the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement).

1988, c. 64, s. 213; 1994, c. 38, s. 2; 1995, c. 31, s. 1.

1994-06-17

213. A credit union may

(1)  receive deposits from a federation, a confederation or La Caisse centrale Desjardins du Québec;

(2)  with the authorization of the federation with which it is affiliated or, if it is not affiliated, with the authorization of the Inspector General, receive deposits from or extend credit to another credit union;

(3)  receive deposits from or extend credit to the Government of Québec or of Canada, a municipality or a school board in Québec, and their mandataries;

(4)  sell bonds or other debt securities issued or guaranteed by the Government of Québec or of Canada, a municipality or a school board in Québec;

(5)  act, according to law, as a securities dealer for the distribution of permanent shares and preferred shares issued by it and for the distribution of the securities of a holding company controlled by the confederation with which the federation of which the credit union is a member is affiliated, where that is the case;

(6)  issue, endorse, accept and discount promissory notes, bills of exchange, drafts and other negotiable instruments and receive deposits transferable by order to third persons;

(6.1)  where it is affiliated with a federation affiliated with a confederation and where the confederation has given its approval pursuant to the first paragraph of section 469.2, borrow from a legal person referred to in the first paragraph of section 469.1, in the amount resulting from the apportionment made under the second paragraph of section 469.2, with the authorization of the Inspector General and subject to such conditions and restrictions as he may determine, by way of the issue of subordinated debt securities;

(7)  offer cash management, electronic cash command and factoring services;

(8)  transfer to another credit union, to a federation or, with the authorization of the federation with which it is affiliated or if it is not affiliated, of the Inspector General, to any other person, or acquire from another credit union or federation claims resulting from loans granted by the transferring credit union or federation;

(9)  acquire and sell traveller’s cheques;

(10)  provide or offer payment card and credit card services;

(11)  offer and administer savings plans which must be registered pursuant to the Taxation Act (chapter I-3) or the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement).

1988, c. 64, s. 213; 1994, c. 38, s. 2.

1994-03-01

213. A credit union may

(1)  receive deposits from a federation, a confederation or La Caisse centrale Desjardins du Québec;

(2)  with the authorization of the federation with which it is affiliated or, if it is not affiliated, with the authorization of the Inspector General, receive deposits from or extend credit to another credit union;

(3)  receive deposits from or extend credit to the Government of Québec or of Canada, a municipality or a school board in Québec, and their mandataries;

(4)  sell bonds or other debt securities issued or guaranteed by the Government of Québec or of Canada, a municipality or a school board in Québec;

(5)  act, according to law, as a securities dealer for the distribution of permanent shares and preferred shares issued by it and for the distribution of the securities of a holding company controlled by the confederation with which the federation of which the credit union is a member is affiliated, where that is the case;

(6)  issue, endorse, accept and discount promissory notes, bills of exchange, drafts and other negotiable instruments and receive deposits transferable by order to third persons;

(7)  offer cash management, electronic cash command and factoring services;

(8)  transfer to another credit union, to a federation or, with the authorization of the federation with which it is affiliated or if it is not affiliated, of the Inspector General, to any other person, or acquire from another credit union or federation claims resulting from loans granted by the transferring credit union or federation;

(9)  acquire and sell traveller’s cheques;

(10)  provide or offer payment card and credit card services;

(11)  offer and administer savings plans which must be registered pursuant to the Taxation Act (chapter I-3) or the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement).

1988, c. 64, s. 213.

1989-03-15

213. A credit union may

(1)  receive deposits from a federation, a confederation or La Caisse centrale Desjardins du Québec;

(2)  with the authorization of the federation with which it is affiliated or, if it is not affiliated, with the authorization of the Inspector General, receive deposits from or extend credit to another credit union;

(3)  receive deposits from or extend credit to the Government of Québec or of Canada, a municipality or a school board in Québec, and their mandataries;

(4)  sell bonds or other debt securities issued or guaranteed by the Government of Québec or of Canada, a municipality or a school board in Québec;

(5)  act, according to law, as a securities dealer for the distribution of permanent shares and preferred shares issued by it and for the distribution of the securities of a holding company controlled by the confederation with which the federation of which the credit union is a member is affiliated, where that is the case;

(6)  issue, endorse, accept and discount promissory notes, bills of exchange, drafts and other negotiable instruments and receive deposits transferable by order to third persons;

(7)  offer cash management, electronic cash command and factoring services;

(8)  transfer to another credit union, to a federation or, with the authorization of the federation with which it is affiliated or if it is not affiliated, of the Inspector General, to any other person, or acquire from another credit union or federation claims resulting from loans granted by the transferring credit union or federation;

(9)  acquire and sell traveller’s cheques;

(10)  provide or offer payment card and credit card services;

(11)  offer and administer savings plans which must be registered pursuant to the Taxation Act (chapter I-3) or the Income Tax Act (Statutes of Canada, 1970-71-72, chapter 63).

1988, c. 64, s. 213.