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C-4.1 - Savings and Credit Unions Act

Section 512
Disposition versions

Full text
512. The decision of the Minister ordering the winding-up of the credit union, federation or confederation has the same effect as an order made by a judge of the Superior Court under section 24 of the Winding-up Act (chapter L-4). Division IV of the said Act and sections 311 and 313 to 320 of this Act, adapted as required, apply to the winding-up.
For the purposes of the Winding-up Act, “company” means a credit union, federation or confederation, as the case may be, and “shareholder” means a member of a credit union, federation or confederation. In addition, where a provision of the said Act requires the vote of shareholders representing a fixed proportion of the capital stock of a company, the provision is considered to require the vote of a number of members of the credit union, federation or confederation, corresponding to the proportion specified in value.
In the case of such a winding-up, the order is final. However, the Minister may terminate the winding-up where the interest of the members justifies it.
1988, c. 64, s. 512.
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