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C-4.1 - Savings and Credit Unions Act

Section 407
Disposition versions

Full text
407. (Repealed).
1988, c. 64, s. 407; 1996, c. 69, s. 133.
407. A federation must dispose of any share held in a legal person where the holding company controlled by the confederation with which the federation is affiliated acquires, directly or indirectly, any of such shares.
The federation shall dispose of the shares within a two-year period. This period shall run from the date of acquisition of the shares by the holding company or the legal person controlled by it.
The Inspector General may grant an extension on such conditions as he may determine.
1988, c. 64, s. 407.
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