3. The Government may, upon the recommendation of the Minister acting upon the application of a federation, incorporate a security fund corporation for the following objects:
(1) to establish and administer a security, liquidity or mutual aid fund for the benefit of the unions affiliated with the corporation;
(1.1) to assist, in accordance with subparagraph 8 of the first paragraph of section 26 and section 39.1, federations whose unions are affiliated with the corporation;
(2) to assist in the payment of losses sustained by the members of a union affiliated with the corporation, in case of a winding-up.
Before recommending the incorporation of a security fund corporation, the Minister shall obtain the opinion of the Inspector General of Financial Institutions.
1979, c. 53, s. 3; 1981, c. 9, s. 24; 1982, c. 52, s. 180; 1994, c. 38, s. 25.