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C-4.1 - Savings and Credit Unions Act

Section 431
Disposition versions

Full text
431. In the event of the winding-up or dissolution of the federation, the liquidator or Public Curator, as the case may be, shall, after the payments referred to in the first paragraph of section 314 are made, divide the remaining assets, among the credit unions affiliated with the federation in proportion to the number of qualifying shares held by each credit union. Where there remains no credit union affiliated with the federation, the liquidator shall transfer the remaining assets to the confederation with which the federation was affiliated or, if it was not affiliated, to a legal person designated by the Government.
1988, c. 64, s. 431.
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