C-4.1 - Savings and Credit Unions Act

Section 385.1 Disposition versions

1997-02-15

385.1. A federation may, with the authorization of the Inspector General, suspend the powers of the board of directors or the board of audit and ethics of a credit union affiliated with it for a maximum period of 30 days and appoint an administrator to temporarily exercise the responsibilities of the board, where the federation has reason to believe

(1)  that property has been misappropriated or there is an inexplicable deficiency in the property;

(2)  that there has been a grievous offence or serious lapse in the performance of obligations on the part of an officer of the credit union or its board of directors;

(3)  that control over the property of the credit union is insufficient to adequately protect the rights of its members.

The Inspector General may designate the administrator and, on request, may extend the period specified in the first paragraph.

1996, c. 69, s. 128.