C-4.1 - Savings and Credit Unions Act

Section 476 Disposition versions

1994-06-17

476. Any right of action arising from section 475 may be exercised by

(1)  the legal person referred to in the first paragraph of section 469.1 or holding company whose directors or officers authorized the investment;

(2)  the confederation which controls the legal person or the holding company, acting as the mandatary of the legal person or the holding company, if the legal person or the holding company has neglected to exercise such right of action after having been formally notified to do so by the confederation;

(3)  the Inspector General, acting as the mandatary of the legal person or the holding company, if the legal person or the holding company and the confederation which controls it have both neglected to exercise such right of action after having been formally notified to do so by the Inspector General.

Where a formal notice is served by a confederation prusuant to subparagarph 2 of the first paragraph, a copy of the notice must be transmitted, at the same time, to the Inspector General.

1988, c. 64, s. 476; 1994, c. 38, s. 19.

1989-03-15

476. Any right of action arising from section 475 may be exercised by

(1)  the holding company whose directors or officers authorized the investment;

(2)  the confederation which controls the holding company, acting as the mandatary of the holding company, if the latter has neglected to exercise such right of action after having been formally notified to do so by the confederation;

(3)  the Inspector General, acting as the mandatary of the holding company, if the latter and the confederation which controls it have both neglected to exercise such right of action after having been formally notified to do so by the Inspector General.

Where a formal notice is served by a confederation prusuant to subparagarph 2 of the first paragraph, a copy of the notice must be transmitted, at the same time, to the Inspector General.

1988, c. 64, s. 476.