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C-4.1 - Savings and Credit Unions Act
Section 220
Disposition versions
220. Every transaction by a credit union to acquire securities issued by a restricted party not referred to in paragraph 6 of section 217 or to transfer assets between them must be approved by the board of directors of the credit union after it has obtained the advice of the board of audit and ethics.
No bad debts, unproductive assets or assets repossessed from a debtor in default may be transferred to a credit union except where the transaction is authorized by the federation with which the credit union is affiliated or, if it is not affiliated, by the Inspector General.
220. Every transaction by a credit union to acquire securities issued by a restricted party or to transfer assets between them must be approved by the board of directors of the credit union after it has obtained the advice of the board of audit and ethics.
No bad debts, unproductive assets or assets repossessed from a debtor in default may be transferred to a credit union except in the case of a transfer of assets en bloc authorized by the Inspector General as part of a reorganization or where the transfer is a condition inherent in a contract entered into under paragraph 8 of section 213 or paragraph 11 of section 364.
220. Every transaction by a credit union to acquire securities issued by a restricted party or to transfer assets between them must be approved by the board of directors of the credit union after it has obtained the advice of the board of supervision.
No bad debts, unproductive assets or assets repossessed from a debtor in default may be transferred to a credit union except in the case of a transfer of assets en bloc authorized by the Inspector General as part of a reorganization or where the transfer is a condition inherent in a contract entered into under paragraph 8 of section 213 or paragraph 11 of section 364.
