C-4 - Savings and Credit Unions Act

Section 15 Disposition versions

1990-01-01

15. A union shall possess the rights and powers of a corporation within the meaning of the Civil Code of Lower Canada and may, in particular:

(a)  receive, and employ to yield a profit the savings of its members, make loans to them and establish the facilities necessary for such purposes;

(b)  acquire and hold immovables and sell, lease or otherwise dispose of the same;

(c)  borrow, hypothecate its immovables and engage its movables as security;

(d)  invest its available funds in loans to the federation of which it is a member or in accordance with section 83;

(e)  with the authorization of the federation with which it is affiliated, establish a system of retirement with pension or contribute to the establishment thereof for the benefit of its employees and their dependants, subject however to the Supplemental Pension Plans Act (chapter R-15.1);

(f)  create relief funds and social security services for the persons mentioned in paragraph e or contribute thereto or pay insurance premiums or contributions for such persons or for its members;

(g)  subscribe or guarantee funds for cooperative promotional and educational purposes or for charitable, benevolent, educational or artistic purposes;

(h)  issue, endorse, accept and discount promissory notes, bills of exchange, drafts and other negotiable instruments;

(i)  retain, for the payment of any claim it has against a member, any moneys which it may owe him, and apply the same in compensation;

(j)  subscribe for common shares of a cooperative association or electricity cooperative in order to become a member thereof and benefit by services of which it has need;

(k)  take out for the benefit of the members of its board of directors, of its board of supervision and of its committee on credit a group life insurance contract for an amount not to exceed, in principal, the sum of $5,000 for each person, and pay the insurance premiums payable under such a contract.

R. S. 1964, c. 293, s. 16; 1970, c. 59, s. 12; 1978, c. 85, s. 5; 1989, c. 38, s. 319.

1978-06-23

15. A union shall possess the rights and powers of a corporation within the meaning of the Civil Code and may, in particular:

(a)  receive, and employ to yield a profit the savings of its members, make loans to them and establish the facilities necessary for such purposes;

(b)  acquire and hold immoveables and sell, lease or otherwise dispose of the same;

(c)  borrow, hypothecate its immoveables and engage its moveables as security;

(d)  invest its available funds in loans to the federation of which it is a member or in accordance with section 83;

(e)  with the authorization of the federation with which it is affiliated, establish a system of retirement with pension or contribute to the establishment thereof for the benefit of its employees and their dependants, subject however to the Act respecting supplemental pension plans (chapter R-17);

(f)  create relief funds and social security services for the persons mentioned in paragraph e or contribute thereto or pay insurance premiums or contributions for such persons or for its members;

(g)  subscribe or guarantee funds for cooperative promotional and educational purposes or for charitable, benevolent, educational or artistic purposes;

(h)  issue, endorse, accept and discount promissory notes, bills of exchange, drafts and other negotiable instruments;

(i)  retain, for the payment of any claim it has against a member, any moneys which it may owe him, and apply the same in compensation;

(j)  subscribe for common shares of a cooperative association or electricity cooperative in order to become a member thereof and benefit by services of which it has need;

(k)  take out for the benefit of the members of its board of directors, of its board of supervision and of its committee on credit a group life insurance contract for an amount not to exceed, in principal, the sum of $5 000 for each person, and pay the insurance premiums payable under such a contract.

R. S. 1964, c. 293, s. 16; 1970, c. 59, s. 12; 1978, c. 85, s. 5.

1977-12-31

15. A union shall possess the rights and powers of a corporation within the meaning of the Civil Code and may, in particular:

(a)  receive, and employ to yield a profit the savings of its members, make loans to them and establish the facilities necessary for such purposes;

(b)  acquire and hold immoveables and sell, lease or otherwise dispose of the same;

(c)  borrow, hypothecate its immoveables and engage its moveables as security;

(d)  invest its available funds in loans to the federation of which it is a member or in accordance with section 83;

(e)  with the authorization of the federation with which it is affiliated, establish a system of retirement with pension or contribute to the establishment thereof for the benefit of its employees and their dependants, subject however to the Act respecting supplemental pension plans (chapter R-17);

(f)  create relief funds and social security services for the persons mentioned in paragraph e or contribute thereto or pay insurance premiums or contributions for such persons or for its members;

(g)  subscribe or guarantee funds for cooperative promotional and educational purposes or for charitable, benevolent, educational or artistic purposes;

(h)  issue, endorse and accept promissory notes, bills of exchange, drafts and other negociable instruments;

(i)  retain, for the payment of any claim it has against a member, any moneys which it may owe him, and apply the same in compensation;

(j)  subscribe for common shares of a cooperative association or electricity cooperative in order to become a member thereof and benefit by services of which it has need;

(k)  take out for the benefit of the members of its board of directors, of its board of supervision and of its committee on credit a group life insurance contract for an amount not to exceed, in principal, the sum of five thousand dollars for each person, and pay the insurance premiums payable under such a contract.

R. S. 1964, c. 293, s. 16; 1970, c. 59, s. 12.