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C-4 - Savings and Credit Unions Act

Section 108
Disposition versions

Full text
108. The liquidator first pays the debts of the union and the costs of winding it up and repays to the members the amounts paid on their shares.
After such payments, the balance from the winding-up, including the balance of the general reserve, devolves to the federation with which the union was affiliated.
The liquidator must, within 7 days after the expiry of any period of three months, send to the Minister a brief report of his activities for such period and forward a copy to the Inspector General.
When the winding-up of the union is terminated, the liquidator must send to the Minister a complete report of his activities, forward a copy to the Inspector General and deliver to the federation with which the union was affiliated the documents of which he took possession for the purposes of the winding-up.
R. S. 1964, c. 293, s. 95; 1970, c. 59, s. 39; 1978, c. 85, s. 26; 1982, c. 52, s. 96.
108. The liquidator first pays the debts of the union and the costs of winding it up and repays to the members the amounts paid on their shares.
After such payments, the balance from the winding-up, including the balance of the general reserve, devolves to the federation with which the union was affiliated.
The liquidator must, within 7 days after the expiry of any period of three months, send to the Minister a brief report of his activities for such period.
When the winding-up of the union is terminated, the liquidator must send to the Minister a complete report of his activities and deliver to the federation with which the union was affiliated the documents of which he took possession for the purposes of the windig-up.
R. S. 1964, c. 293, s. 95; 1970, c. 59, s. 39; 1978, c. 85, s. 26.
108. The liquidator shall first pay the debts of the union and the costs of winding it up and shall repay to the members the amounts paid on their shares.
After such payments, the balance derived from the winding-up, including the balance of the reserves contemplated in sections 87 and 88, shall devolve to the federation with which the union was affiliated.
When the winding-up of the union is terminated, the liquidator shall deliver to the federation with which the union was affiliated the documents of which he took possession for the purposes of the winding-up.
R. S. 1964, c. 293, s. 95; 1970, c. 59, s. 39.
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