C-67.3 - Act respecting financial services cooperatives

Section 601.5 Disposition versions

2019-06-13

601.5. A monetary administrative penalty of $500 in the case of a natural person and $2,500 in any other case may be imposed on

(1)  a financial services cooperative

(a)  that, in contravention of section 66.1, fails to adopt a complaint processing policy,

(b)  that, in contravention of section 66.1, fails to keep the complaints register prescribed by that section, or

(c)  that, in contravention of section 470, fails to adopt an investment policy;

(2)  a credit union

(a)  that has not, in contravention of section 253.1, established an audit committee or that has established one whose composition contravenes that section, unless otherwise provided in the by-laws of the Group made under section 547.2, or

(b)  whose board of supervision, in contravention of section 259, fails to adopt rules of ethics and professional conduct;

(3)  a federation

(a)  that fails to perform its obligations under an undertaking given to the Authority under section 81,

(b)  whose board of ethics and professional conduct, in contravention of sections 346 and 347, fails to adopt rules of ethics and professional conduct,

(c)  whose board of ethics and professional conduct, in contravention of section 355, fails to notify the Authority in writing within five days of its decision to suspend a director or a manager,

(d)  that, in contravention of section 385.1, fails to adopt a policy on the examination of complaint records,

(e)  that, in contravention of section 385.2, fails to keep the register of complaint records submitted for its examination prescribed by that section,

(f)  whose board of directors, in contravention of section 388, fails to establish an audit and inspection commission formed in accordance with that section,

(g)  that, in contravention of section 469, fails to establish the investment policy to be followed by its member credit unions, or

(h)  that, belonging to the Group, fails to revise the recovery plan of the Group, in contravention of section 547.24;

(4)  a security fund that, in contravention of section 517, fails to adopt an investment policy approved by the Authority; or

(5)  the chief manager of a credit union who, in contravention of section 96, does not resign from that position if he or she becomes president or vice-president of the credit union’s board of directors.

2018, c. 23, s. 332.

2018-07-13

601.5. A monetary administrative penalty of $500 in the case of a natural person and $2,500 in any other case may be imposed on

(1)  a financial services cooperative

In force: 2019-06-13

(a)  that, in contravention of section 66.1, fails to adopt a complaint processing policy,

In force: 2019-06-13

(b)  that, in contravention of section 66.1, fails to keep the complaints register prescribed by that section, or

(c)  that, in contravention of section 470, fails to adopt an investment policy;

(2)  a credit union

(a)  that has not, in contravention of section 253.1, established an audit committee or that has established one whose composition contravenes that section, unless otherwise provided in the by-laws of the Group made under section 547.2, or

(b)  whose board of supervision, in contravention of section 259, fails to adopt rules of ethics and professional conduct;

(3)  a federation

(a)  that fails to perform its obligations under an undertaking given to the Authority under section 81,

(b)  whose board of ethics and professional conduct, in contravention of sections 346 and 347, fails to adopt rules of ethics and professional conduct,

(c)  whose board of ethics and professional conduct, in contravention of section 355, fails to notify the Authority in writing within five days of its decision to suspend a director or a manager,

In force: 2019-06-13

(d)  that, in contravention of section 385.1, fails to adopt a policy on the examination of complaint records,

In force: 2019-06-13

(e)  that, in contravention of section 385.2, fails to keep the register of complaint records submitted for its examination prescribed by that section,

(f)  whose board of directors, in contravention of section 388, fails to establish an audit and inspection commission formed in accordance with that section,

(g)  that, in contravention of section 469, fails to establish the investment policy to be followed by its member credit unions, or

(h)  that, belonging to the Group, fails to revise the recovery plan of the Group, in contravention of section 547.24;

(4)  a security fund that, in contravention of section 517, fails to adopt an investment policy approved by the Authority; or

(5)  the chief manager of a credit union who, in contravention of section 96, does not resign from that position if he or she becomes president or vice-president of the credit union’s board of directors.

2018, c. 23, s. 332.