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C-4 - Savings and Credit Unions Act

Section 64.2
Disposition versions

Full text
64.2. Any loan exceeding $40,000 secured by hypothec on real estate or on machinery intended for industrial or commercial purposes, granted by a union to one of its executive officers or to any person entitled to authorize loans, and any loan of $40,000 or less thus secured and granted to one of such persons whereas the balance of such loans to that person exceeds $40,000 or increases the balance of such loans to that person to more than $40,000 must be approved by the federation with which the union is affiliated.
1978, c. 85, s. 12; 1992, c. 57, s. 458.
64.2. Any loan exceeding $40 000 secured by hypothec, mortgage or pledge on real estate or on machinery intended for industrial or commercial purposes, granted by a union to one of its executive officers or to any person entitled to authorize loans, and any loan of $40 000 or less thus secured and granted to one of such persons whereas the balance of such loans to that person exceeds $40 000 or increases the balance of such loans to that person to more than $40 000 must be approved by the federation with which the union is affiliated.
1978, c. 85, s. 12.
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