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Canada — Quebec Act or statute

Canada — Quebec legislation

Act respecting financial services cooperatives, 2000

2000, c. 29.

Source excerpt

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representativescourt orderscourt supervisioncreditcredit extensioncredit productscredit unioncredit union activitiescredit union amalgamationcredit union approvalcredit union assessmentscredit union authorizationcredit union compliancecredit union exemptioncredit union federation authorizationcredit union federation membershipcredit union financial managementcredit union formationcredit union governancecredit union membership requirementscredit union membership withdrawalcredit union operationscredit union reservescredit union securitycredit union servicescredit union solvencycredit union supervisioncredit unionscreditor paymentcreditor protectioncriminal penaltiescross-reference applicationcross-reference substitutiondamagesdata retentiondebenture recordsdebt paymentdebt set-offdefaultdefence costsdefinitiondefinitionsdelegationdelegation of powersdemand depositsdeposit guaranteesdeposit protectiondeposit-takingdepositor recordsdepositors' interestsdepositsdestruction 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replacementinsuranceinterestinterest accrualinterest on capital sharesinterest on penaltiesinterest on securitiesinterest on sharesinterest paymentsinterest ratesinternal affairsinternal controlsinternal governanceinternal managementinvestigationsinvestment authorizationinvestment complianceinvestment depositsinvestment fund sharesinvestment fundsinvestment policyinvestment sharesinvestmentsjudicial applicationsjudicial or administrative proceedingsjudicial proceedingsjudicial reliefjurisdictionlegal compliancelegal deeminglegal hypotheclegal personlegal person definitionlegal personslegal publicityliabilitiesliabilityliability insuranceliability settlementliquidationliquidation noticeliquidator appointmentliquidator instructionsliquidityliquidity / asset maintenanceliquidity managementloss liabilitymanagementmanagement oversightmanagement practicesmanagement restrictionsmanagement standardsmanager disciplinemanager dutiesmanagersmandatarymandatary powersmarket impactmediationmeeting 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registrationshare repurchaseshare subscriptionshare transactionsshare transfershareholder priorityshareholder recordsshareholder rightsshareholder/member rightssharessolvencyspecial assessmentspecial meetingspecial meetingsspecial resolutionsstabilization reservestandardsstandards compliancestatutory interpretationsuccessionsuccession of rights and obligationssupervisionsupervision boardsupervision interventionsupervision/ethics reviewsupervisory orderssurplus allocationsurplus earningssurplus earnings allocationsuspensionsuspension of personnelsuspension procedureterm of officetermstestimonial compulsiontie votetrade name restrictionstribunal decisionstribunal reviewtrust company administrationtrustsunclaimed propertyvalidity challengevotingvoting restrictionsvoting rightsvoting ruleswebsite disclosurewinding upwinding up operationswinding-upwithdrawalworkplace compliancewritten instructions
Jurisdiction
Canada — Quebec
Structure
957 provisions
Official identity
Year 2000
Dates
Enacted 2000 · Source version 10 Jun 2026
More statute details
Dates
Enacted 2000 · Source version 10 Jun 2026
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01

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“2000, c. 29.”

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    Enacted 2000 · Source version 10 Jun 2026. The date shown identifies this source expression and should not be treated as proof that no later change exists.

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Section 492

Section 23’s remedy may be used, with necessary modifications, for the name of a security fund.

Section 492

Section 547.44

Sections 279 to 281 apply, with necessary modifications, to a Fund-ordered amalgamation of credit unions, and the Authority must authorize the amalgamation despite the first paragraph of section 280.

Section 547.44

Section 564.5

The Authority may require a financial services cooperative to set up a controlled legal person to carry on non-cooperative activities in certain cases.

Section 564.5

Section 601.7

The Authority may impose a monetary administrative penalty of $2,000 for a natural person and $10,000 in any other case for failing to comply with an order or decision of the Authority.

Section 601.7

04

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Source record from www.legisquebec.gouv.qc.ca · Enacted 2000 · Source version 10 Jun 2026

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Provisions 601–800

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Showing 200 of 957 provisions

Provision 150Repeal 36Amendment 6Offence 5
§ 492Section 492Provision

Source excerpt

Section 23’s remedy may be used, with necessary modifications, for the name of a security fund.

492. The remedy provided for in section 23 may be exercised, with the necessary modifications, in respect of the name of a security fund. 2000, c. 29, s. 492.
Section 492Verify source
§ 493Section 493Provision

Source excerpt

The fund’s head office must be located in Québec.

493. The head office of the fund must be situated in Québec. 2000, c. 29, s. 493.
Section 493Verify source
§ 494Section 494Provision

Source excerpt

The Government must refuse to constitute a security fund if the application includes a name that does not comply with section 490 or paragraphs 1 to 6 of section 17.

494. The Government shall refuse to constitute a security fund where its application contains a name not in conformity with section 490 or with any of paragraphs 1 to 6 of section 17. 2000, c. 29, s. 494.
Section 494Verify source
§ 495Section 495Provision

Source excerpt

The Government must send a notice of constitution to the Authority and a notice to the enterprise registrar, who must deposit it in the enterprise register.

495. The Government shall transmit a notice of constitution to the Authority. It also shall transmit a notice to that effect to the enterprise registrar who shall deposit it in the enterprise register. 2000, c. 29, s. 495; 2002, c. 45, s. 321; 2004, c. 37, s. 90; 2010, c. 40, s. 92.
Section 495Verify source
§ 496Section 496Provision

Source excerpt

The fund is a legal person.

496. The fund is a legal person. 2000, c. 29, s. 496.
Section 496Verify source
§ 497Section 497Provision

Source excerpt

The fund’s affairs are administered by a seven-member board designated by the federation’s board, and the inspections officer under section 387 must attend board meetings as an observer.

497. The affairs of the fund are administered by a board of directors composed of seven members designated by the board of directors of the federation. The person appointed to be in charge of inspections under section 387 shall attend the meetings of the board of directors as an observer. 2000, c. 29, s. 497; 2003, c. 20, s. 28; 2016, c. 7, s. 217; 2018, c. 23, s. 304.
Section 497Verify source
§ 497.1Section 497.1Provision

Source excerpt

The board of directors must adopt the fund’s by-laws.

497.1. The board of directors shall adopt the by-laws of the fund. 2018, c. 23, s. 304.
Section 497.1Verify source
§ 498Section 498Provision

Source excerpt

The fund’s board of directors must elect a president, a vice-president, and any other officers required by the fund’s by-laws within three months after the notice under section 495 is published.

498. The members of the board of directors of the fund shall, within three months after publication of the notice provided for in section 495, elect a president and a vice-president of the fund and every other officer whose election is provided for by the by-laws of the fund. 2000, c. 29, s. 498; 2018, c. 23, s. 305.
Section 498Verify source
§ 499Section 499Provision

Source excerpt

The board of directors may create board committees and delegate its powers to them.

499. The board of directors may establish any committee of the board and delegate the exercise of its powers to such a committee. 2000, c. 29, s. 499; 2018, c. 23, s. 306.
Section 499Verify source
§ 500Section 500Provision

Source excerpt

Board directors serve a three-year term, and board members may be reappointed only twice.

500. The term of members of the board of directors is three years. Board members may be reappointed only twice to serve in that capacity only for a consecutive or non-consecutive term. 2000, c. 29, s. 500; 2003, c. 20, s. 29; 2018, c. 23, s. 306.
Section 500Verify source
§ 501Section 501Provision

Source excerpt

A fund board member stays in office after the term ends until reappointed or replaced by the federation.

501. A member of the board of directors of the fund remains in office, notwithstanding the expiry of the member’s term, until the member is reappointed or replaced by the federation. 2000, c. 29, s. 501; 2003, c. 20, s. 29; 2018, c. 23, s. 307.
Section 501Verify source
§ 502Section 502Provision

Source excerpt

If a board member’s seat on the fund becomes vacant during the member’s term, the federation fills the vacancy for the rest of that term.

502. Any vacancy occurring during the course of the term of a member of the board of directors of the fund is filled, for the remainder of the term, by the federation. 2000, c. 29, s. 502; 2003, c. 20, s. 29; 2018, c. 23, s. 308.
Section 502Verify source
§ 503Section 503Provision

Source excerpt

The fund’s board of directors may set members’ remuneration and allowances.

503. The board of directors of the fund may determine the remuneration and allowances of its members. 2000, c. 29, s. 503.
Section 503Verify source
§ 504Section 504Provision

Source excerpt

A majority of the board members constitutes a quorum, and decisions are made by a majority of votes cast.

504. A majority of the members of the board of directors of the fund constitutes a quorum at meetings. Decisions shall be made by a majority of the votes cast. 2000, c. 29, s. 504.
Section 504Verify source
§ 505Section 505Provision

Source excerpt

The fund’s board may change the fund’s name and head office location by resolution, but the resolution needs Authority approval and takes effect when deposited.

505. The board of directors of the fund may, by resolution, change the name of the fund and the location of its head office. Such a resolution must be approved by the Authority. If it approves the resolution, the Authority shall transmit a notice to that effect to the enterprise registrar who shall deposit it in the enterprise register. The resolution comes into effect on the date of deposit. 2000, c. 29, s. 505; 2002, c. 45, s. 322; 2004, c. 37, s. 90; 2010, c. 40, s. 92; 2018, c. 23, s. 309.
Section 505Verify source
§ 506Section 506Provision

Source excerpt

The president of the fund must carry out the decisions of the board of directors, and the vice-president replaces the president if the president is absent or unable to act.

506. The president of the fund shall see to the carrying out of the decisions of the board of directors. If the president is absent or unable to act, the president shall be replaced by the vice-president. 2000, c. 29, s. 506.
Section 506Verify source
§ 507Section 507Provision

Source excerpt

The president of the federation must call the board of directors’ first meeting.

507. The president of the federation shall call the first meeting of the board of directors. 2000, c. 29, s. 507.
Section 507Verify source
§ 508Section 508Provision

Source excerpt

A fund board member with a direct or indirect interest in an undertaking or credit union with business relations to the fund must disclose the interest and abstain from voting on related matters, or face forfeiture of office.

508. Any member of the board of directors of the fund having any direct or indirect interest in an undertaking or a credit union with which the fund has or intends to have business relations, must, under pain of forfeiture of office, disclose the interest and refrain from voting on any matter concerning that undertaking or credit union. 2000, c. 29, s. 508.
Section 508Verify source
§ 509Section 509Provision

Source excerpt

509. The minutes of the meetings approved by the fund are authentic. The same rule applies to copies or extracts emanating from the fund or forming part of its records if they are certified by the president, the vice-president or by any

509. The minutes of the meetings approved by the fund are authentic. The same rule applies to copies or extracts emanating from the fund or forming part of its records if they are certified by the president, the vice-president or by any other authorized person. 2000, c. 29, s. 509.
Section 509Verify source
§ 510Section 510Provision

Source excerpt

510. The fund may, in the pursuit of its mission, (1) make loans and grants to the credit unions that are members of the fund; (2) guarantee the commitments of a credit union that is a member of the fund; (3) guarantee the repayment of an

510. The fund may, in the pursuit of its mission, (1) make loans and grants to the credit unions that are members of the fund; (2) guarantee the commitments of a credit union that is a member of the fund; (3) guarantee the repayment of an advance or of a loan made to a credit union that is a member of the fund; (4) make an agreement with a credit union that is a member of the fund under which the affairs of the credit union will be managed by the fund for a fixed period; (5) acquire some or all of the assets of a credit union that is a member of the fund; (6) act as the liquidator or sequestrator of a credit union that is a member of the fund; (7) act as the provisional administrator of a credit union that is a member of the fund for the purposes of this Act; (8) provide in the place and stead of a federation guarantees for the purposes of section 187; (9) sell to a credit union that is a member of the fund the securities referred to in the second paragraph of section 481. 2000, c. 29, s. 510.
Section 510Verify source
§ 511Section 511Provision

Source excerpt

When making a loan or grant to a member credit union, the fund may determine corrective measures for certain management practices.

511. The fund may, when making a loan or a grant to a credit union that is a member of the fund, determine the measures to be implemented by the credit union in order to correct certain of its management practices. 2000, c. 29, s. 511.
Section 511Verify source
§ 512Section 512Provision

Source excerpt

The fund may set the assessment payable by member credit unions for each fiscal year and require payment.

512. The fund may, for each of its fiscal years, fix the assessment payable by the credit unions that are members of the fund and require payment thereof. 2000, c. 29, s. 512.
Section 512Verify source
§ 513Section 513Provision

Source excerpt

If the fund finds or is informed by the federation that a credit union is not practising sound and prudent management, the fund may fix and require a special assessment.

513. Where the fund finds or is informed by the federation that a credit union is not practising sound and prudent management, the fund may fix and require from the credit union a special assessment for each of the fiscal years determined by the fund. 2000, c. 29, s. 513.
Section 513Verify source
§ 514Section 514Provision

Source excerpt

Each credit union must submit reports to the fund in the form, detail, and timing the fund sets by resolution.

514. The amount of the assessment is established for each credit union from reports that it must submit to the fund in such form, of such tenor and at such time as the fund may determine by resolution. The fund may also specify by resolution the terms and conditions of payment of the assessment. 2000, c. 29, s. 514; 2018, c. 23, s. 310.
Section 514Verify source
§ 515Section 515Provision

Source excerpt

The fund and the federation may make an agreement allowing the federation to collect the fund’s assessment.

515. The fund and the federation may enter into an agreement under which the federation is authorized to collect the assessment for the fund. 2000, c. 29, s. 515.
Section 515Verify source
§ 516Section 516Provision

Source excerpt

A person may not make an advertisement about a security fund unless it fits the cases, manner, and form prescribed by the Government by regulation.

516. No person may make any advertisement in connection with a security fund except in such cases and in such manner and form as the Government may prescribe by regulation. 2000, c. 29, s. 516.
Section 516Verify source
§ 517Section 517Provision

Source excerpt

The fund may only make investments that its investment policy authorizes.

517. The fund may not make investments other than those authorized under its investment policy. The investment policy of the fund is established by its board of directors and approved by the Authority. 2000, c. 29, s. 517; 2018, c. 23, s. 311.
Section 517Verify source
§ 518Section 518Provision

Source excerpt

The fund must acquire and hold securities issued by an issuing corporation referred to in section 475, for the purposes of section 482.

518. The fund shall, for the purposes of section 482, acquire and hold securities issued by an issuing corporation referred to in section 475. 2000, c. 29, s. 518; 2018, c. 23, s. 312.
Section 518Verify source
§ 519Section 519Provision

Source excerpt

The fund may acquire immovables to collect payment of sums owed to it, but it must sell them within seven years unless the Authority grants an extension.

519. The fund may, to obtain payment in whole or in part of any sum owed to it, acquire the immovables securing the payment thereof. However, the fund must dispose of the immovables so acquired within seven years unless the Authority grants it an extension. 2000, c. 29, s. 519; 2002, c. 45, s. 338; 2004, c. 37, s. 90.
Section 519Verify source
§ 520Section 520Provision

Source excerpt

The fund must keep and preserve specified records at its head office.

520. The fund shall keep and preserve at its head office a register of the names and addresses of the members of the board of directors, and the books in which are entered the by-laws and resolutions of the fund as well as the minutes of the meetings of the board of directors and its committees. 2000, c. 29, s. 520; 2018, c. 23, s. 313.
Section 520Verify source
§ 521Section 521Provision

Source excerpt

521. The fund shall keep its books in accordance with generally accepted accounting principles. Furthermore, the fund shall keep a separate register and separate accounting for transactions under paragraph 9 of section 510. 2000, c. 29, s.

521. The fund shall keep its books in accordance with generally accepted accounting principles. Furthermore, the fund shall keep a separate register and separate accounting for transactions under paragraph 9 of section 510. 2000, c. 29, s. 521.
Section 521Verify source
§ 522Section 522Provision

Source excerpt

522. The fiscal year of the fund is the same as that of the federation. 2000, c. 29, s. 522.

522. The fiscal year of the fund is the same as that of the federation. 2000, c. 29, s. 522.
Section 522Verify source
§ 523Section 523Repeal

Source excerpt

Section 523 is repealed.

523. (Repealed). 2000, c. 29, s. 523; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2021, c. 34, s. 46.
Section 523Verify source
§ 524Section 524Repeal

Source excerpt

Section 524 is repealed.

524. (Repealed). 2000, c. 29, s. 524; 2021, c. 34, s. 47.
Section 524Verify source
§ 525Section 525Repeal

Source excerpt

The board of directors must prepare an annual report within the three months after the fund’s accounts are closed at the end of the fiscal year.

525. The accounts of the fund are closed at the end of the fiscal year and, during the ensuing three months, the board of directors shall prepare an annual report which must set forth, in particular, (1) the names and addresses of the members of the board of directors; (2) the number of credit unions that are members of the fund; and (3) the balance sheet, the operating statement, the statement of changes in financial position and the surplus statement; (4) (paragraph repealed). 2000, c. 29, s. 525; 2021, c. 34, s. 48.
Section 525Verify source
§ 526Section 526Provision

Source excerpt

The board of directors must approve the balance sheet and operating statement, and designate two of its members to sign the balance sheet.

526. The balance sheet and the operating statement must be approved by the board of directors, which shall designate two of its members to sign the balance sheet. 2000, c. 29, s. 526.
Section 526Verify source
§ 527Section 527Provision

Source excerpt

The fund must send a copy of the annual report to the federation as soon as practicable.

527. The fund must, as soon as practicable, send a copy of the annual report to the federation. 2000, c. 29, s. 527.
Section 527Verify source
§ 528Section 528Provision

Source excerpt

The fund must send the Authority a statement of operations for the fiscal year just ended within three months after the fiscal year ends.

528. The fund shall, within three months following the end of the fiscal year, prepare and send to the Authority a statement of operations for the fiscal year just ended, prepared in the form prescribed by the Authority. 2000, c. 29, s. 528; 2002, c. 45, s. 323; 2004, c. 37, s. 90.
Section 528Verify source
§ 529Section 529Provision

Source excerpt

The statement must show the fund’s financial position and include the information and documents required by section 525 and by the Authority.

529. The statement must show the financial position of the fund and set out the information and documents required by section 525 and the information required by the Authority. 2000, c. 29, s. 529; 2002, c. 45, s. 338; 2004, c. 37, s. 90.
Section 529Verify source
§ 530Section 530Provision

Source excerpt

The statement must be signed by at least two board members of the fund.

530. The statement must be signed by at least two members of the board of directors of the fund. 2000, c. 29, s. 530; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2021, c. 34, s. 49.
Section 530Verify source
§ 531Section 531Provision

Source excerpt

The Authority must inspect the fund’s affairs when it thinks this is advisable, and it must have the inspection carried out by a person it appoints.

531. The affairs of the fund must be inspected whenever the Authority considers it advisable. The inspection must be carried out by a person appointed by the Authority. 2000, c. 29, s. 531; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2025, c. 16, s. 125.
Section 531Verify source
§ 532Section 532Provision

Source excerpt

The inspector has access to the fund’s records at reasonable times, custodians must help with examination, and the inspector may ask directors and officers for useful information and explanations.

532. The person carrying out the inspection has access at any reasonable time to the books, registers, accounts and other records of the fund, and every person having custody of them must facilitate their examination by the person carrying out the inspection. The person carrying out the inspection may also require from the members of the board of directors and the officers of the fund the information and explanations useful for the carrying out of the person’s duties. The person carrying out the inspection shall, on request, identify himself or herself and produce a certificate of capacity signed by the president and director general of the Authority or by any staff member so authorized. 2000, c. 29, s. 532; 2002, c. 45, s. 324; 2004, c. 37, s. 90; 2018, c. 23, s. 314.
Section 532Verify source
§ 533Section 533Repeal

Source excerpt

Section 533 is repealed.

533. (Repealed). 2000, c. 29, s. 533; 2002, c. 45, s. 325.
Section 533Verify source
§ 534Section 534Repeal

Source excerpt

Section 534 is repealed.

534. (Repealed). 2000, c. 29, s. 534; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2008, c. 7, s. 65.
Section 534Verify source
§ 535Section 535Repeal

Source excerpt

Section 535 is repealed.

535. (Repealed). 2000, c. 29, s. 535; 2008, c. 7, s. 65.
Section 535Verify source
§ 536Section 536Repeal

Source excerpt

Section 536 is repealed.

536. (Repealed). 2000, c. 29, s. 536; 2008, c. 7, s. 65.
Section 536Verify source
§ 537Section 537Repeal

Source excerpt

Section 537 is repealed.

537. (Repealed). 2000, c. 29, s. 537; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2008, c. 7, s. 65.
Section 537Verify source
§ 538Section 538Repeal

Source excerpt

Section 538 is repealed.

538. (Repealed). 2000, c. 29, s. 538; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2008, c. 7, s. 65.
Section 538Verify source
§ 539Section 539Repeal

Source excerpt

Section 539 is repealed.

539. (Repealed). 2000, c. 29, s. 539; 2008, c. 7, s. 65.
Section 539Verify source
§ 540Section 540Repeal

Source excerpt

Section 540 is repealed.

540. (Repealed). 2000, c. 29, s. 540; 2008, c. 7, s. 65.
Section 540Verify source
§ 541Section 541Repeal

Source excerpt

Section 541 is repealed.

541. (Repealed). 2000, c. 29, s. 541; 2008, c. 7, s. 65.
Section 541Verify source
§ 542Section 542Repeal

Source excerpt

Section 542 is repealed.

542. (Repealed). 2000, c. 29, s. 542; 2008, c. 7, s. 65.
Section 542Verify source
§ 543Section 543Repeal

Source excerpt

Section 543 is repealed.

543. (Repealed). 2000, c. 29, s. 543; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2008, c. 7, s. 65.
Section 543Verify source
§ 544Section 544Repeal

Source excerpt

Section 544 is repealed.

544. (Repealed). 2000, c. 29, s. 544; 2008, c. 7, s. 65.
Section 544Verify source
§ 545Section 545Repeal

Source excerpt

Section 545 is repealed.

545. (Repealed). 2000, c. 29, s. 545; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2008, c. 7, s. 65.
Section 545Verify source
§ 546Section 546Repeal

Source excerpt

Section 546 is repealed.

546. (Repealed). 2000, c. 29, s. 546; 2008, c. 7, s. 65.
Section 546Verify source
§ 547Section 547Repeal

Source excerpt

Section 547 is repealed.

547. (Repealed). 2000, c. 29, s. 547; 2008, c. 7, s. 65.
Section 547Verify source
§ 547.1Section 547.1Repeal

Source excerpt

The Group’s by-laws are made by the Federation’s board of directors, then submitted to the Federation’s general meeting for approval. The Federation must also publish the by-laws on its website.

547.1. The by-laws of the Groupe coopératif Desjardins (in this chapter referred to as “the Group”) are made by the board of directors of the Fédération des caisses Desjardins du Québec (in this chapter referred to as “the Federation”) and must be submitted to the general meeting of the latter for approval, which may, by special resolution, ratify, amend or reject them; the by-laws have effect from the time of their approval by the general meeting or from any later date of coming into force they may specify. The Federation must make the by-laws of the Group publicly available on the Federation’s website. The rules of this section apply, with the necessary modifications and subject to the by-laws of the Group, to any amendment or repeal of by-laws. 2018, c. 23, s. 315; 2025, c. 16, s. 126.
Section 547.1Verify source
§ 547.2Section 547.2Substitution

Source excerpt

The Group’s by-laws must include provisions needed for the Group’s cohesion and operation, except rules on relations between member cooperatives and the Fund. They may also include several specified governance and membership-transfer provisions.

547.2. The by-laws of the Group, in addition to the provisions they may contain under this Act, must contain provisions to ensure the Group’s cohesion and operation, except rules governing relations between the financial services cooperatives and the Fonds de sécurité (in this chapter referred to as “the Fund”) that form the Group. The by-laws of the Group may, as regards the financial services cooperatives that belong to it, (1) in matters referred to in sections 94, 95, 98, 211 to 214, 216, 216.1, 217 and 217.1, the first paragraph of section 220, sections 223 and 224, subparagraphs 1 to 6 of the second paragraph of section 227, the first, second and third paragraphs of section 228, sections 229, 234 to 236, 237, 239, 244 to 247, 249 to 256 and 294.1 to 299, the first paragraph of section 302 and sections 304, 305, 306, 309 to 312, 317, 318, 320, 323, 329, 334, 337 and 341 to 344, contain any provision departing from those sections or provide that all or some of those sections do not apply and substitute other provisions for those sections; (2) contain any useful provision to complement the provisions of this Act for the purpose of creating any organ within a cooperative and seeing to the exercise of its functions and powers; and (3) restrict or withdraw the powers conferred on the general meeting of the Federation by this Act so that they may be exercised by another organ of the Federation. The by-laws of the Group may also contain any provision aimed at allowing transfers of members between credit unions belonging to the Group or at allowing any member of such a credit union to receive, in any establishment of any other credit union belonging to the Group, the services and other prestations offered at that establishment on the same conditions as if it were the establishment of the credit union of which that member is a member. The by-laws of the Group may also contain any provision that, under this Act, may be contained in the by-laws of a financial services cooperative. 2018, c. 23, s. 315; 2025, c. 16, s. 127.
Section 547.2Verify source
§ 547.3Section 547.3Provision

Source excerpt

The Group’s by-laws apply to all financial services cooperatives belonging to the Group.

547.3. The by-laws of the Group apply to all the financial services cooperatives belonging to it. However, the by-laws may establish classes of financial services cooperatives, corporations and persons, and prescribe conditions, terms and restrictions applicable to each class. 2018, c. 23, s. 315.
Section 547.3Verify source
§ 547.4Section 547.4Provision

Source excerpt

A qualifying financial services cooperative may make by-laws only within the matters expressly provided for in the Group’s by-laws.

547.4. A financial services cooperative that belongs to the Group may make by-laws only to the extent and only with regard to matters expressly provided for in the by-laws of the Group. The provisions of the by-laws of the Group prevail over any conflicting provisions in the by-laws of the cooperative. In this Act, a reference to the by-laws of a financial services cooperative belonging to the Group is a reference to the by-laws of the Group and, if the by-laws of the Group allow the cooperative to make its own by-laws, a reference to the latter by-laws. 2018, c. 23, s. 315.
Section 547.4Verify source
§ 547.5Section 547.5Provision

Source excerpt

Group financial services cooperatives may withdraw only through dissolution, and a credit union in the Group may not be excluded from or seek withdrawal from the Federation.

547.5. The financial services cooperatives that form the Group may not withdraw from the Group otherwise than by their dissolution. Consequently, a credit union belonging to the Group may not, despite sections 189 to 191, 291 and 292, be excluded from or apply for its withdrawal from the Federation. 2018, c. 23, s. 315.
Section 547.5Verify source
§ 547.6Section 547.6Provision

Source excerpt

A Group financial services cooperative may issue capital shares and investment shares to third persons if its Group by-laws allow it.

547.6. A financial services cooperative that belongs to the Group may, if the by-laws of the Group so provide, issue capital shares and investment shares to third persons, which means that such shares may be issued not only to acquirers referred to in the second paragraph of section 55, but also to any other acquirer. Despite section 59 and the second paragraph of section 420, shares that may be issued to third persons may also subsequently be transferred to third persons, unless the by-laws of the Group restrict their transfer. In addition, a separate fund established to purchase capital shares may be used to purchase any capital share issued by a financial services cooperative belonging to the Group, despite the second paragraph of section 420. 2018, c. 23, s. 315.
Section 547.6Verify source
§ 547.7Section 547.7Provision

Source excerpt

If the Group’s by-laws allow capital shares or investment shares to be issued to third persons, the by-laws must also set out the rights, privileges, conditions, and restrictions attached to those shares.

547.7. Despite section 56, if the by-laws of the Group provide for the issue of capital shares or investment shares to third persons, they must also provide for the rights, privileges, conditions and restrictions attaching to such shares. 2018, c. 23, s. 315.
Section 547.7Verify source
§ 547.8Section 547.8Amendment

Source excerpt

An amendment to the Group’s by-laws that harms attached share rights or restrictions takes effect only if approved by the affected shareholders’ meeting.

547.8. Any amendment to the by-laws of the Group that adversely affects the rights, privileges, conditions or restrictions attaching to capital shares or investment shares can only have effect if it is approved by the meeting of the holders of the shares so affected. The meeting approves the amendment by a resolution passed by a 2/3 majority of the votes cast; unless the by-laws of the Group provide otherwise, each holder of such shares has one vote only, regardless of the number of shares held. 2018, c. 23, s. 315.
Section 547.8Verify source
§ 547.9Section 547.9Provision

Source excerpt

The shareholders’ meeting must be called and conducted under the rules for special meetings of the Federation.

547.9. The meeting of the shareholders must be called and conducted in accordance with the rules applicable to special meetings of the Federation. A shareholder, including a natural person, may be represented at the meeting in accordance with the second paragraph of section 298. 2018, c. 23, s. 315.
Section 547.9Verify source
§ 547.10Section 547.10Provision

Source excerpt

The Federation may issue certain non-share securities; a member credit union may do so only if the Group’s by-laws allow it.

547.10. The Federation and, if the by-laws of the Group so provide, a member credit union of the Federation, may issue any security which is not a share of its capital stock or share capital and the characteristics of which are designed to maintain adequate capital to ensure the sustainability of the Group. Provided that the terms of such a security so provide, interest will be payable on it at the sole discretion of the Federation, despite article 1500 of the Civil Code. The rules relating to the interest payable on capital shares set out in sections 62, 62.1, 63, 63.1, 84, 85, 90 and 325 apply, with the necessary modifications, to the interest payable on the security. 2018, c. 23, s. 315.
Section 547.10Verify source
§ 547.11Section 547.11Provision

Source excerpt

Officers of a financial services cooperative in the Group owe duties to their cooperative and the Group, and must prefer the Group’s interest when there is a conflict.

547.11. The officers of a financial services cooperative that belongs to the Group are bound by the obligations referred to in section 102 not only toward and in the interest of their own cooperative, but also toward the cooperatives and the Fund that form the Group and in the interest of the Group; consequently, in the exercise of their functions, the officers are duty-bound toward the cooperatives and the Fund to act with prudence and diligence, honesty and loyalty and in the interest of the Group. They must, if the cooperative’s interest does not correspond with the Group’s interest, favour the latter. The managers of such a financial services cooperative, in their capacity as mandataries of the cooperative, are bound by, among other obligations, the same ones as are binding on officers under the first paragraph. In determining whether something is in the interest of the Group, the latter must be considered as a single legal person comprising the cooperatives and Fund that form it, even though the Group is not a legal person. 2018, c. 23, s. 315.
Section 547.11Verify source
§ 547.12Section 547.12Provision

Source excerpt

For applying section 103 to a financial services cooperative in the Group, a reference to a member of a network is read as a reference to the cooperative or to the Fund in the Group.

547.12. For the purpose of applying section 103 to a financial services cooperative belonging to the Group, a reference to a member of a network becomes a reference to a financial services cooperative or to the Fund belonging to the Group. 2018, c. 23, s. 315.
Section 547.12Verify source
§ 547.13Section 547.13Substitution

Source excerpt

The Group’s by-laws may override certain sections for supervision and ethics boards, and may also allow those boards not to be established or allow the Federation to dissolve them.

547.13. The by-laws of the Group may, with regard to the board of supervision of a credit union or the board of ethics and professional conduct of the Federation, contain any provision departing from sections 260 to 262 or 359 to 363, as applicable, or provide that all or some of those sections do not apply and substitute other provisions for those sections. In addition, the by-laws of the Group may, despite sections 226 and 308, provide that a credit union not establish a board of supervision or that the Federation not establish a board of ethics and professional conduct, as applicable, or, if such boards have been established, that the Federation may order their dissolution in accordance with the terms and conditions specified in those by-laws. 2018, c. 23, s. 315.
Section 547.13Verify source
§ 547.14Section 547.14Provision

Source excerpt

If a credit union’s board of supervision is absent or dissolved, the board of directors takes over its functions and powers unless the Group’s by-laws assign them to the Federation or another organ. The same rule applies if the Federation dissolves its board of ethics and professional conduct.

547.14. If a credit union does not establish a board of supervision or its board has been dissolved, the functions and powers of that board are assumed by the board of directors of the credit union unless the by-laws of the Group provide that they are to be assumed by the Federation or by another organ of the credit union. Likewise, if the Federation dissolves its board of ethics and professional conduct, the functions and powers of that board are assumed by the board of directors of the Federation, unless they are assumed by another organ of the Federation specified in those by-laws. 2018, c. 23, s. 315.
Section 547.14Verify source
§ 547.15Section 547.15Provision

Source excerpt

547.15. The rules of ethics and professional conduct that must be adopted under section 346 relate to the protection of the interests of the Group, the financial services cooperatives belonging to it and the members of those

547.15. The rules of ethics and professional conduct that must be adopted under section 346 relate to the protection of the interests of the Group, the financial services cooperatives belonging to it and the members of those cooperatives. 2018, c. 23, s. 315.
Section 547.15Verify source
§ 547.16Section 547.16Substitution

Source excerpt

For applying sections 61.1 and 63.1 and Division I of Chapter X to legal persons belonging to the Group, read “Group” instead of “network.”

547.16. For the purpose of applying sections 61.1 and 63.1 and Division I of Chapter X to legal persons belonging to the Group, “Group” must be substituted for “network”. 2018, c. 23, s. 315.
Section 547.16Verify source
§ 547.17Section 547.17Provision

Source excerpt

The Federation’s mission includes risk management for the Mouvement Desjardins and promoting the financial health and sustainability of the Group, in addition to sections 5 and 6.

547.17. The mission of the Federation, in addition to what is provided for in sections 5 and 6, is to (1) look after the risk management of the Mouvement Desjardins; and (2) see to the financial health of the Group and its sustainability. 2018, c. 23, s. 315.
Section 547.17Verify source
§ 547.18Section 547.18Provision

Source excerpt

The Federation may exchange certain capital and investment shares for shares issued by the same credit unions or another cooperative in the Group.

547.18. The Federation may exchange capital shares and investment shares of a class or series issued by one or more credit unions belonging to the Group for shares issued by the same credit unions or by another cooperative belonging to the Group. 2018, c. 23, s. 315.
Section 547.18Verify source
§ 547.19Section 547.19Amendment

Source excerpt

The Federation may compel an exchange of shares only if it is not proceeding on a consent basis with each affected holder and the exchange is approved by a meeting of those holders.

547.19. Unless it proceeds on a consent basis with each of the holders of shares of the class or series concerned, the Federation may compel the latter to exchange the shares, provided the exchange is approved by a meeting of the holders of those shares in the same manner as if it were an amendment to the by-laws of the Group that adversely affected the rights, privileges, conditions or restrictions attaching to the shares. 2018, c. 23, s. 315.
Section 547.19Verify source
§ 547.20Section 547.20Provision

Source excerpt

If the shareholders pass the resolution approving the exchange, the Federation may carry out the exchange with non-opposing shareholders and compel opposing shareholders to transfer their shares.

547.20. The passing, by the meeting of the holders of the shares, of the resolution approving the exchange confers on the Federation the right to proceed with the exchange with holders of shares who did not vote against the resolution, and the right to compel holders of shares who voted against the resolution to transfer their shares to the Federation. The shares are purchased at par value. 2018, c. 23, s. 315.
Section 547.20Verify source
§ 547.21Section 547.21Provision

Source excerpt

The Federation may exercise section 402.1 powers against a financial services cooperative in the Group if it thinks the Group’s financial position warrants it, even if the section’s usual triggering facts are not present.

547.21. The Federation may, if it considers that the financial position of the Group so warrants, exercise the powers conferred on it under section 402.1 against any financial services cooperative belonging to the Group, even in the absence of the facts referred to in that section and giving rise to its application. 2018, c. 23, s. 315.
Section 547.21Verify source
§ 547.22Section 547.22Provision

Source excerpt

When the Federation may exercise the powers in section 407.1, it may also ask the Fund to intervene under section 547.34.

547.22. Each time the Federation may exercise the powers provided for in section 407.1, it may also ask the Fund to intervene under section 547.34. 2018, c. 23, s. 315.
Section 547.22Verify source
§ 547.23Section 547.23Provision

Source excerpt

The Federation must establish the Group’s recovery plan.

547.23. The objective of the recovery operations of the Group is to ensure continuity of the activities of the cooperatives belonging to the Group in the event of a deterioration in its financial position. The Federation shall establish the recovery plan of the Group in which it shall specify, among other things, the operations it intends to carry out to meet that objective. 2018, c. 23, s. 315.
Section 547.23Verify source
§ 547.24Section 547.24Amendment

Source excerpt

The Group’s recovery plan must be revised when the Authority sets the interval or requires it, and the plan and any amendment must be submitted to the Authority.

547.24. The recovery plan of the Group must be revised at the intervals determined by the Authority and each time the Authority requires it. The plan, and any amendment to it, must be submitted to the Authority. 2018, c. 23, s. 315.
Section 547.24Verify source
§ 547.25Section 547.25Provision

Source excerpt

If the Authority thinks the Group’s recovery plan may not ensure continuity of the cooperatives’ activities, or has implementation problems, it must give the Federation written instructions after allowing written observations within the time it sets.

547.25. If the Authority considers that the recovery plan of the Group does not ensure continuity of the activities of the financial services cooperatives belonging to the Group or that there are potential problems concerning the plan’s implementation, the Authority shall, after giving the Federation an opportunity to present its written observations within the time determined by the Authority, give the Federation the written instructions it considers appropriate. 2018, c. 23, s. 315.
Section 547.25Verify source
§ 547.26Section 547.26Provision

Source excerpt

The Federation must notify the Authority without delay if the financial position of any financial services cooperative in the Group deteriorates.

547.26. The Federation shall notify the Authority without delay of any deterioration in the financial position of the financial services cooperatives belonging to the Group. 2018, c. 23, s. 315.
Section 547.26Verify source
§ 547.27Section 547.27Provision

Source excerpt

If the Authority considers an order to be in the public interest, it must order the Federation to implement the recovery operations.

547.27. If the Authority considers it is in the public interest to do so, it shall order the Federation to implement the recovery operations. Unless it makes such an order at the Federation’s request, the Authority may not order the Federation to implement those operations without first giving it an opportunity to present its observations with all dispatch considering the circumstances. The time granted to present such observations cannot be considered unreasonable for the sole reason that it is shorter than one day. 2018, c. 23, s. 315.
Section 547.27Verify source
§ 547.28Section 547.28Provision

Source excerpt

547.28. The Authority’s order is final in all regards and may not be questioned or reviewed in any court. It is recorded in writing and the Authority publishes it in its bulletin. 2018, c. 23, s. 315.

547.28. The Authority’s order is final in all regards and may not be questioned or reviewed in any court. It is recorded in writing and the Authority publishes it in its bulletin. 2018, c. 23, s. 315.
Section 547.28Verify source
§ 547.29Section 547.29Provision

Source excerpt

By the Authority’s order, the Federation gets the Fund’s powers during recovery operations and may use them without consent or approval from Group-related persons or their managers/employees.

547.29. By the sole effect of the Authority’s order, and for the duration of recovery operations, the Federation is invested with all the powers that this Act confers on the Fund; it may exercise them without the consent, authorization or approval of any organ, member or officer of the legal persons belonging to the Group or of their managers or other employees. In addition, the Federation may, for the purposes of the recovery operations, dispose of the sums and other assets of the Fund. During this period, the powers of the board of directors of the Fund are suspended. 2018, c. 23, s. 315.
Section 547.29Verify source
§ 547.30Section 547.30Provision

Source excerpt

Recovery operations end if the Authority orders their closure after the Group’s financial position has been rectified, or if the resolution board orders resolution operations under section 40.12.

547.30. Recovery operations end when the Authority orders their closure after ascertaining that the financial position of the financial services cooperatives belonging to the Group has been rectified, or when the resolution board orders the implementation of resolution operations under section 40.12 of the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2). 2018, c. 23, s. 315.
Section 547.30Verify source
§ 547.31Section 547.31Provision

Source excerpt

The Fund must manage the distribution of capital and other assets so each legal person in the Group can meet obligations to depositors and other creditors in full, correctly, and without delay.

547.31. The Fund must ensure that the distribution of capital and other assets between the legal persons belonging to the Group allows each of those legal persons to perform its obligations to its depositors and other creditors in full, correctly and without delay; to that end, the Fund has the powers conferred on it under this subdivision, in addition to those conferred on it under Chapter XIII. 2018, c. 23, s. 315.
Section 547.31Verify source
§ 547.32Section 547.32Provision

Source excerpt

The Fund must mutualize the cost of its interventions among the financial services cooperatives belonging to the Group.

547.32. The Fund shall mutualize, between the financial services cooperatives belonging to the Group, the cost of its interventions. 2018, c. 23, s. 315.
Section 547.32Verify source
§ 547.33Section 547.33Provision

Source excerpt

The Fund must intervene with a financial services cooperative when necessary to protect the cooperative’s creditors.

547.33. The Fund shall intervene with regard to a financial services cooperative each time it appears necessary to do so in order to protect the cooperative’s creditors. 2018, c. 23, s. 315.
Section 547.33Verify source
§ 547.34Section 547.34Provision

Source excerpt

The Fund may take certain intervention measures for a credit union, including ordering transfers or assignments of business parts, ordering amalgamation or dissolution, and establishing a legal person to help liquidate bad assets.

547.34. In its interventions with regard to a credit union, the Fund may, (1) order the assignment of any part of the enterprise of a credit union belonging to the Group or order the transfer of any such part between such credit unions; (2) order the amalgamation or dissolution of credit unions; and (3) establish a legal person to facilitate the liquidation of a credit union’s bad assets. If it orders the transfer of part of the enterprise of a credit union to another credit union, the Fund must absorb any related deficit and pay the compensation it determines for the detriment caused to the credit union. This also applies in cases where it orders an amalgamation. The Fund may not order the dissolution of a credit union without first transferring the deposits the credit union has received to another deposit institution authorized under the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2). 2018, c. 23, s. 315.
Section 547.34Verify source
§ 547.35Section 547.35Provision

Source excerpt

The Fund may exercise certain powers under sections 510 and 511 for the Federation, treating the Federation as if it were a credit union.

547.35. The Fund may, as regards the Federation, exercise the powers conferred on it by paragraphs 1 to 3 of section 510 and section 511, as if the Federation were a credit union. 2018, c. 23, s. 315.
Section 547.35Verify source
§ 547.36Section 547.36Provision

Source excerpt

The Fund’s board of directors may not delegate the powers given to the Fund by sections 547.34 and 547.35, despite section 499.

547.36. Despite section 499, the board of directors of the Fund may not delegate the powers conferred on the Fund by sections 547.34 and 547.35. 2018, c. 23, s. 315.
Section 547.36Verify source
§ 547.37Section 547.37Provision

Source excerpt

The Fund may act on behalf of the credit union when it is intervening with respect to a financial services cooperative.

547.37. In its interventions with regard to a financial services cooperative, the Fund may act on behalf of the credit union. 2018, c. 23, s. 315.
Section 547.37Verify source
§ 547.38Section 547.38Provision

Source excerpt

The Fund must give the Authority at least 24 hours’ notice before intervening with regard to the Federation.

547.38. The Fund must, before intervening with regard to the Federation, give at least 24 hours’ notice to the Authority. 2018, c. 23, s. 315.
Section 547.38Verify source
§ 547.39Section 547.39Provision

Source excerpt

The Fund’s financial resources must be adequate for its mission, but not more than necessary. If the Fund considers its resources inadequate, it may require a special assessment from a financial services cooperative belonging to the Group for a fiscal year it determines.

547.39. The financial resources of the Fund must be at least adequate for, but not disproportionate to, the pursuit of its mission. If the Fund considers that its financial resources are inadequate for the purposes of the first paragraph, it may set and require from any financial services cooperative belonging to the Group a special assessment for each fiscal year the Fund determines. 2018, c. 23, s. 315.
Section 547.39Verify source
§ 547.40Section 547.40Provision

Source excerpt

A cooperative in the Group must send the Group any information it requests when that information is needed to set the amount of the assessment payable by the cooperative.

547.40. The amount of an assessment set by the Fund may vary and may be collected in accordance with the terms and conditions it determines. A cooperative that belongs to the Group is required to send the Group any information it requests for the purpose of setting the amount of the assessment to be paid by the cooperative. 2018, c. 23, s. 315.
Section 547.40Verify source
§ 547.41Section 547.41Provision

Source excerpt

For certain Fund-ordered amalgamations of credit unions, no general meeting resolution, board resolution, or amalgamation agreement is required, and the Federation prepares the articles of amalgamation.

547.41. An amalgamation of credit unions ordered by the Fund under subparagraph 2 of the first paragraph of section 547.34 does not require a resolution of the general meeting, a resolution of the board of directors of the amalgamating credit unions or an amalgamation agreement; the articles of amalgamation are prepared by the Federation. Despite section 282, the amalgamation may be by absorption even if the absorbed credit union’s liabilities consisting of members’ deposits exceed 25% of the absorbing credit union’s liabilities consisting of members’ deposits. 2018, c. 23, s. 315.
Section 547.41Verify source
§ 547.42Section 547.42Provision

Source excerpt

The Federation must prepare specified amalgamation documents for an amalgamated credit union and provide details needed to complete the amalgamation and manage its ongoing operation.

547.42. In addition to the articles of amalgamation, the Federation shall prepare the following documents with regard to an amalgamated credit union: (1) a notice of the names and addresses of the first officers of the amalgamated credit union, unless, in the case of an amalgamation by absorption, those officers are the same as the ones of the absorbing credit union before the amalgamation; and (2) a document stating the number of shares issued by each amalgamating credit union, or stating (a) that all such shares will be converted into shares of the amalgamated credit union; (b) the price of each share; and (c) the manner in which such shares will be converted into shares of the amalgamated credit union. The Federation must also provide the details of any arrangements necessary to complete the amalgamation and to provide for the subsequent management and operation of the amalgamated credit union. 2018, c. 23, s. 315.
Section 547.42Verify source
§ 547.43Section 547.43Provision

Source excerpt

The Federation’s authorized person must send the articles of amalgamation to the Authority, and the Federation must attach certain section 278 documents to those articles.

547.43. The articles of amalgamation, prepared in duplicate and signed by the person authorized for that purpose by the Federation, must be transmitted to the Authority. The documents referred to in paragraphs 5, 6 and 9 of section 278, prepared by the Federation and signed by the person it authorizes for that purpose, must be attached to the articles. 2018, c. 23, s. 315.
Section 547.43Verify source
§ 547.44Section 547.44Provision

Source excerpt

Sections 279 to 281 apply, with necessary modifications, to a Fund-ordered amalgamation of credit unions, and the Authority must authorize the amalgamation despite the first paragraph of section 280.

547.44. Sections 279 to 281 apply, with the necessary modifications, to an amalgamation of credit unions ordered by the Fund. Despite the first paragraph of section 280, the Authority is bound to authorize the amalgamation. 2018, c. 23, s. 315.
Section 547.44Verify source
§ 547.45Section 547.45Provision

Source excerpt

A financial services cooperative in the Group can be dissolved only in the ways this section allows.

547.45. In addition to being dissolvable following a decision by the Minister in accordance with Division II of Chapter VII like any other financial services cooperative, a financial services cooperative belonging to the Group may, except if it is the Federation, be dissolved by order of the Fund under subparagraph 2 of the first paragraph of section 547.34 or, in all cases, by the Authority if, under section 40.14 of the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2), it is vested with the powers set out in paragraphs 1 to 9 of section 19.2 of the Act respecting the regulation of the financial sector (chapter E-6.1). A financial services cooperative belonging to the Group may not be dissolved in any other manner. 2018, c. 23, s. 315.
Section 547.45Verify source
§ 547.46Section 547.46Provision

Source excerpt

The Authority must carry out a credit union dissolution when the Fund orders it under section 547.34.

547.46. The Authority shall carry out any dissolution of a credit union that is ordered by the Fund under subparagraph 2 of the first paragraph of section 547.34. Despite section 184, the Fund, rather than the Minister of Revenue, shall act as liquidator and have the seizin of property in the case of a dissolution ordered by the Fund. 2018, c. 23, s. 315.
Section 547.46Verify source
§ 547.47Section 547.47Provision

Source excerpt

The Group’s financial services cooperatives and the Fund may amalgamate into one legal person to be wound up.

547.47. All the financial services cooperatives belonging to the Group, together with the Fund, may be amalgamated into a single legal person to be wound up. Such an amalgamation/winding-up requires a joint declaration of amalgamation/winding-up by the Federation and the Fund, approved by a resolution passed by a 3/4 majority of the votes cast by the credit unions that belong to the Group and whose members make up at least 3/4 of all the members of those credit unions. A credit union belonging to the Group may not be wound up in any other manner. The same applies to the Federation and the Fund. 2018, c. 23, s. 315.
Section 547.47Verify source
§ 547.48Section 547.48Provision

Source excerpt

A declaration of amalgamation/winding-up must include the liquidators’ names and remuneration, the effective date, and the name of the legal person being wound up.

547.48. The declaration of amalgamation/winding-up must include (1) the names of one or more of the liquidators and their remuneration; (2) the effective date of the amalgamation/winding-up; and (3) the name of the legal person being wound up. 2018, c. 23, s. 315.
Section 547.48Verify source
§ 547.49Section 547.49Provision

Source excerpt

The Federation must send a certified copy of the amalgamation/winding-up declaration to the Authority, notify the enterprise registrar by filing a declaration within 10 days after the resolution, and publish a notice naming the liquidator and where claims may be sent.

547.49. The Federation must send the Authority a certified copy of the declaration of amalgamation/winding-up. It must also notify the enterprise registrar by filing a declaration to that effect, in accordance with the Act respecting the legal publicity of enterprises (chapter P-44.1), not later than 10 days after the resolution is passed. The Federation must publish a notice to that effect stating the name and address of the liquidator and the address to which claims may be sent by interested persons. 2018, c. 23, s. 315.
Section 547.49Verify source
§ 547.50Section 547.50Provision

Source excerpt

The Authority must prepare a certificate of amalgamation, then send a copy to the enterprise registrar, who must deposit it in the enterprise register.

547.50. Upon receipt of the declaration of amalgamation/winding-up and the fees prescribed by government regulation, the Authority shall prepare in duplicate a certificate attesting the amalgamation and stating its effective date as given in the declaration, which may be subsequent to the date on which the certificate is made. The Authority shall send a copy of the certificate attesting the amalgamation to the enterprise registrar, who shall deposit it in the enterprise register. 2018, c. 23, s. 315.
Section 547.50Verify source
§ 547.51Section 547.51Provision

Source excerpt

On the effective date shown on the certificate, the listed cooperatives and the Fund are continued as one legal person to be wound up, and their rights, obligations, and proceedings transfer to that legal person.

547.51. As of the effective date shown on the certificate, (1) all the financial services cooperatives belonging to the Group, together with the Fund, are continued as a legal person to be wound up and their patrimonies are joined together to form the patrimony of the legal person; and (2) the rights and obligations of the cooperatives and the Fund become rights and obligations of the legal person to be wound up and the latter becomes a party to any judicial or administrative proceeding to which the cooperatives and the Fund were parties. The legal person to be wound up is without organs or members; it has neither articles nor by-laws. It is dissolved immediately following the amalgamation provided for in the first paragraph and, as provided for in article 357 of the Civil Code, its legal personality subsists for the purposes of the winding-up. 2018, c. 23, s. 315.
Section 547.51Verify source
§ 547.52Section 547.52Provision

Source excerpt

The liquidator must carry out the rights and obligations of the wound-up legal person, and creditors from before the amalgamation may bring a judicial application against it.

547.52. The liquidator shall exercise the rights and perform the obligations of the legal person to be wound up under the name of the financial services cooperative or Fund that, before the amalgamation referred to in the first paragraph of section 547.51, held those rights and owed those obligations. The liquidator shall exercise the rights the legal person has acquired and perform the obligations to which it is bound after the amalgamation under the name that must be assigned to it in the declaration of amalgamation/ winding-up. Creditors of a financial services cooperative or of the Fund before the amalgamation referred to in the first paragraph of section 547.51 may file any judicial application against the legal person to be wound up, whether under the latter’s name or the cooperative’s or Fund’s name. 2018, c. 23, s. 315.
Section 547.52Verify source
§ 547.53Section 547.53Provision

Source excerpt

The wound-up legal person must have its head office where the Federation’s head office was before the amalgamation.

547.53. The legal person to be wound up shall have its head office at the place where the Federation had its head office before the amalgamation referred to in the first paragraph of section 547.51. For the purpose of determining the court having territorial jurisdiction in Québec to hear a judicial application based on a right held or obligation owed by a financial services cooperative or the Fund before the amalgamation referred to in the first paragraph of section 547.51, the court of the cooperative’s or Fund’s domicile before the amalgamation also has jurisdiction, at the plaintiff’s option. 2018, c. 23, s. 315.
Section 547.53Verify source
§ 547.54Section 547.54Provision

Source excerpt

A fully capable natural person or a legal person authorized by law to administer others’ property may be appointed liquidator, and the liquidator is entitled to reimbursement of office expenses.

547.54. Any natural person fully capable of exercising his or her civil rights may be appointed liquidator. A legal person authorized by law to administer the property of others may also be appointed liquidator. The liquidator is entitled to the reimbursement of the expenses incurred in the performance of the duties of office. 2018, c. 23, s. 315.
Section 547.54Verify source
§ 547.55Section 547.55Provision

Source excerpt

A liquidator must obtain insurance or provide security for the liquidator’s obligations.

547.55. A liquidator is obliged to take out insurance or to provide security for the performance of the liquidator’s obligations; a liquidator who refuses or neglects to do so forfeits the office unless relieved from the default by the Authority. 2018, c. 23, s. 315.
Section 547.55Verify source
§ 547.56Section 547.56Provision

Source excerpt

The Authority may dismiss and replace a liquidator, must fill any vacancy in the liquidator office without delay, and may change the remuneration set in the amalgamation/winding-up declaration if it thinks the amount is insufficient to keep a liquidator.

547.56. The Authority may dismiss and replace a liquidator, and is bound to fill any vacancy in the office of liquidator without delay. The Authority may modify the remuneration set in the declaration of amalgamation/winding-up if it considers that it is insufficient to retain the services of a liquidator. 2018, c. 23, s. 315.
Section 547.56Verify source
§ 547.57Section 547.57Provision

Source excerpt

Winding-up means valuing the legal person’s assets, collecting claims, settling obligations, paying winding-up expenses, redeeming shares, giving a final account to the Authority, and distributing remaining property to the deposit insurance fund.

547.57. Winding-up consists in determining the assets of the legal person, recovering its claims, performing or obtaining forgiveness of its obligations or otherwise making provision for them, paying the winding-up expenses, redeeming shares and subsequently giving a final account to the Authority and distributing the legal person’s remaining property to the deposit insurance fund. 2018, c. 23, s. 315.
Section 547.57Verify source
§ 547.58Section 547.58Provision

Source excerpt

The liquidator has the seizin of the legal person’s property during winding-up, and the liquidator acts as administrator of the property of others with full administration. On request, officers and managers of a financial services cooperative or the Fund must provide the liquidator documents or explanations about pre-amalgamation rights and obligations.

547.58. As of the dissolution under the second paragraph of section 547.51 of the legal person to be wound up and for the time required for the winding-up, the liquidator has the seizin of the legal person’s property. The liquidator shall act as administrator of the property of others charged with full administration. The officers and managers of a financial services cooperative or of the Fund must, at the request of the liquidator, provide the liquidator with any document in their possession or explanation concerning the rights held and obligations owed by the cooperative or by the Fund before the amalgamation referred to in the first paragraph of section 547.51. 2018, c. 23, s. 315.
Section 547.58Verify source
§ 547.59Section 547.59Provision

Source excerpt

The liquidator must send a winding-up notice to the enterprise registrar without delay.

547.59. The liquidator shall send a notice of the legal person’s winding-up without delay to the enterprise registrar, who shall deposit it in the enterprise register. The notice must be filed with a certified copy of the declaration of amalgamation/winding-up, along with the resolution approving the declaration by the credit unions. 2018, c. 23, s. 315.
Section 547.59Verify source
§ 547.60Section 547.60Provision

Source excerpt

If winding-up lasts more than one year, the liquidator must give the Authority a summary account at the end of the first year and at least yearly after that.

547.60. If the winding-up continues for more than one year, the liquidator must, at the end of the first year and at least once a year after that, render a summary account of his or her management to the Authority. 2018, c. 23, s. 315.
Section 547.60Verify source
§ 547.61Section 547.61Provision

Source excerpt

The liquidator may demand payment of amounts still outstanding on certain shares, even if the amounts are not yet due.

547.61. The liquidator may demand payment of any amount outstanding on shares issued by a financial services cooperative before the amalgamation referred to in the first paragraph of section 547.51, even if they are not yet due. 2018, c. 23, s. 315.
Section 547.61Verify source
§ 547.62Section 547.62Provision

Source excerpt

The liquidator must perform the wound-up legal person’s unpaid obligations when creditors come forward or under agreed terms. The liquidator may also arrange adequate provision or a transfer of deposit liabilities to a bank or authorized financial institution.

547.62. The liquidator shall perform the obligations of the legal person to be wound up of which forgiveness has not been obtained, as and when the creditors come forward or in accordance with terms agreed on with the legal person’s creditors. However, the liquidator may constitute adequate provision for the performance of those obligations and make any arrangement with an authorized financial institution or a bank to assume the deposit liabilities of the legal person to be wound up. 2018, c. 23, s. 315.
Section 547.62Verify source
§ 547.63Section 547.63Provision

Source excerpt

The liquidator must redeem the shares after the legal person’s obligations are dealt with.

547.63. After performing or obtaining forgiveness of the obligations of the legal person to be wound up or otherwise making provision for them, the liquidator shall redeem the shares in accordance with the order referred to in subparagraph 2 of the second paragraph of section 60 as if the shares had been issued by one and the same financial services cooperative. 2018, c. 23, s. 315.
Section 547.63Verify source
§ 547.64Section 547.64Provision

Source excerpt

After redeeming the shares, the liquidator must produce a final account.

547.64. After redeeming the shares, the liquidator shall produce a final account. 2018, c. 23, s. 315.
Section 547.64Verify source
§ 547.65Section 547.65Provision

Source excerpt

The liquidator must report in the final account on the disposal of the property, sums realized, obligations performed or forgiven, and the overall conduct of the winding-up.

547.65. The purpose of the final account is to determine the assets of the legal person to be wound up at the time the liquidator is appointed and its remaining property. In the final account, the liquidator shall report on the disposal of the property of the legal person to be wound up, the sums realized, the obligations of the legal person that were performed, those of which the liquidator obtained forgiveness and those for which the liquidator otherwise made provision, and the overall manner in which the winding-up was conducted. 2018, c. 23, s. 315.
Section 547.65Verify source
§ 547.66Section 547.66Provision

Source excerpt

The final account must be approved by the Authority.

547.66. The final account must be approved by the Authority. If such approval cannot be given, the winding-up continues under the supervision of the court. 2018, c. 23, s. 315.
Section 547.66Verify source
§ 547.67Section 547.67Provision

Source excerpt

The winding-up ends when a notice of closure is sent to the enterprise registrar.

547.67. The winding-up of the legal person to be wound up is terminated by sending the enterprise registrar a notice of closure of the winding-up. In the notice, the liquidator shall state that the final account has been approved, describe the conduct of the winding-up in accordance, if applicable, with the orders of the court, and sign the notice. 2018, c. 23, s. 315.
Section 547.67Verify source
§ 547.68Section 547.68Provision

Source excerpt

The liquidator must keep the legal person’s books for five years after winding-up ends, or longer if they are needed as evidence in a judicial or administrative proceeding.

547.68. The liquidator must preserve the books of the legal person for five years after the closure of the winding-up, or for a longer period if they are required as evidence in a judicial or administrative proceeding. 2018, c. 23, s. 315.
Section 547.68Verify source
§ 547.69Section 547.69Provision

Source excerpt

The liquidator, the Authority, or another interested person may ask the court to place the winding up under court supervision.

547.69. The liquidator, the Authority or another interested person may ask the court to order that the legal person to be wound up be so under court supervision. The application to that effect must be notified to the Authority and the liquidator, unless they are applicants. 2018, c. 23, s. 315.
Section 547.69Verify source
§ 547.70Section 547.70Provision

Source excerpt

The clerk of the court must send the judgment to the enterprise registrar; if the judgment is appealed, the clerk must also send notice of the appeal.

547.70. As soon as the judgment ordering that the legal person be wound up under court supervision is rendered, the clerk of the court shall send a copy of the judgment to the enterprise registrar, who shall deposit it in the enterprise register. If the judgment is appealed, the clerk shall send notice of the appeal without delay to the enterprise registrar, who shall deposit it in the enterprise register. 2018, c. 23, s. 315.
Section 547.70Verify source
§ 547.71Section 547.71Provision

Source excerpt

When ruling on an application, the court may make orders about winding-up a legal person, including suspending proceedings, directing the liquidator, and approving certain arrangements or the final account.

547.71. When ruling on an application, the court may make any order concerning the winding-up of the legal person. It may, among other things, (1) suspend any judicial or administrative proceeding against the legal person, on the conditions the court considers appropriate; (2) prescribe any measure to identify and perform the obligations of the legal person or make provision for them; (3) give instructions to the liquidator; (4) approve the performance of any obligation or the execution of any arrangement made with an authorized financial institution or a bank to assume the deposit liabilities of the legal person to be wound up; (5) order that provision be made for the performance of any obligation of the legal person to be wound up; (6) fix, on the conditions it determines, a time after which no person may, without the authorization of the court, make a claim against the legal person; (7) specify the order in which the shares of the different classes and series issued before the amalgamation referred to in the first paragraph of section 547.51 will be redeemed by the financial services cooperatives; and (8) approve the liquidator’s final account. 2018, c. 23, s. 315.
Section 547.71Verify source
§ 548Section 548Provision

Source excerpt

If the Authority thinks an immovable securing a cooperative’s loan is worth less than the loan, or is otherwise insufficient security, it may require or arrange an appraisal and may then reduce the loan value in the cooperative’s books.

548. Where the Authority is of the opinion that the value of an immovable securing a claim of a financial services cooperative is less than the amount of the loan granted, including accrued interest, or where the Authority considers the immovable to be insufficient security, the Authority may require the cooperative to cause an appraisal of the immovable to be made by an appraiser who must receive the approval of the Authority, or the Authority may itself cause the appraisal to be made. The Authority may, following such appraisal, reduce the value of the loan entered in the books of the cooperative. 2000, c. 29, s. 548; 2002, c. 45, s. 326; 2004, c. 37, s. 90.
Section 548Verify source
§ 549Section 549Provision

Source excerpt

If the Authority thinks a cooperative’s assets are worth less than their book value, it may require the cooperative to obtain an appraisal, or do so itself.

549. Where the Authority is of the opinion that the market value of the assets of a financial services cooperative is less than the recorded book value, it may require that such cooperative cause an appraisal of the immovable to be made by an appraiser who must receive the approval of the Authority, or the Authority may itself cause the appraisal to be made. The Authority may, following such appraisal, reduce the value of the loan entered in the books of the cooperative. 2000, c. 29, s. 549; 2002, c. 45, s. 327; 2004, c. 37, s. 90.
Section 549Verify source
§ 550Section 550Provision

Source excerpt

The Authority must notify the affected cooperative, and sometimes its federation or auditor, before certain asset appraisals or value changes, and must give an opportunity to make observations.

550. Before requiring an appraisal of any immovable or asset to be made or before causing such appraisal to be made, the Authority shall notify the financial services cooperative concerned and, in the case of a credit union, the federation, and give them an opportunity to present observations. The Authority must do the same before assigning to any asset a value different from that determined by the appraiser. The Authority shall notify, in writing, the cooperative and, if applicable, its auditor of the reduction made to the book value of one of its assets. 2000, c. 29, s. 550; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2016, c. 7, s. 218.
Section 550Verify source
§ 551Section 551Provision

Source excerpt

Unless the Authority decides otherwise, the appraisal is charged to the financial services cooperative concerned.

551. Unless the Authority decides otherwise, the appraisal shall be charged to the financial services cooperative concerned. 2000, c. 29, s. 551; 2002, c. 45, s. 338; 2004, c. 37, s. 90.
Section 551Verify source
§ 552Section 552Provision

Source excerpt

The Authority must ensure that a financial services cooperative’s activities and operations are audited under this Act.

552. The Authority shall ensure that the activities and operations of a financial services cooperative are audited in accordance with the provisions of this Act. 2000, c. 29, s. 552; 2002, c. 45, s. 338; 2004, c. 37, s. 90.
Section 552Verify source
§ 553Section 553Provision

Source excerpt

The Authority must ensure that a credit union’s internal affairs and activities are inspected, and may inspect or commission an inspection of a federation’s internal affairs and activities when it considers that advisable.

553. The Authority shall also ensure that the internal affairs and the activities of a credit union are inspected. The Authority shall, whenever it considers it advisable, inspect or commission the inspection of the internal affairs and the activities of a federation. 2000, c. 29, s. 553; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2025, c. 16, s. 128.
Section 553Verify source
§ 554Section 554Provision

Source excerpt

The Authority may inspect or arrange inspections of the internal affairs and activities of any credit union that is not a member of a federation, whenever it considers this advisable.

554. The Authority shall, whenever it considers it advisable, inspect or commission the inspection of the internal affairs and the activities of every credit union that is not a member of a federation. 2000, c. 29, s. 554; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2025, c. 16, s. 129.
Section 554Verify source
§ 555Section 555Provision

Source excerpt

555. The purpose of the inspection is to evaluate the financial policies and practices and the internal control systems of a financial services cooperative, to verify the accuracy of its financial statements and to ensure that it is

555. The purpose of the inspection is to evaluate the financial policies and practices and the internal control systems of a financial services cooperative, to verify the accuracy of its financial statements and to ensure that it is complying with this Act, the regulations, the by-laws, the standards and the written instructions applicable to it under this Act. 2000, c. 29, s. 555; 2025, c. 16, s. 130.
Section 555Verify source
§ 556Section 556Provision

Source excerpt

The Authority may, on its own initiative, carry out or order examinations and investigations it considers expedient for the Act.

556. The Authority may, on the Authority’s own initiative, conduct or commission any examination and any investigation the Authority considers expedient for the purposes of this Act, into the internal affairs and the activities of any financial services cooperative, issuing corporation referred to in section 475 or holding company of which the cooperative is the holder of control. In addition, the Authority may order the person in charge of inspections in a federation to conduct such examinations and investigations into the internal affairs and the activities of credit unions as the Authority considers expedient. 2000, c. 29, s. 556; 2002, c. 45, s. 328; 2004, c. 37, s. 90; 2016, c. 7, s. 219; 2018, c. 23, s. 316.
Section 556Verify source
§ 557Section 557Provision

Source excerpt

557. The Authority shall, in addition, at the request of a credit union’s board of directors or board of supervision, of 100 of its members or of 1/3 of its members, or at the request of the federation, conduct or commission any

557. The Authority shall, in addition, at the request of a credit union’s board of directors or board of supervision, of 100 of its members or of 1/3 of its members, or at the request of the federation, conduct or commission any examination and any investigation the Authority considers expedient into the internal affairs and the activities of the credit union. The Authority shall render an account of any examination and any investigation to any member of the credit union who so requests, to the board of supervision of the credit union and to the federation. The expenses incurred for any examination or investigation conducted under this section by the Authority shall be charged to the credit union. 2000, c. 29, s. 557; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2005, c. 35, s. 35.
Section 557Verify source
§ 558Section 558Provision

Source excerpt

Inspectors may enter premises, examine and copy records, and require information or documents. Custodians of the records must give access and help with examination when asked.

558. For the purposes of this Act, any person conducting an inspection or examinations and investigations under this division may (1) enter, at any reasonable time, the establishment of any legal person under inspection or examination and investigation; (2) examine and make copies of the books, registers, accounts, records and other documents relating to the activities of the legal person; (3) require any information or document relating to the carrying out of this Act. Every person having custody, possession or control of the books, registers, accounts, records and other documents shall grant access to them to the person conducting the inspection, or the examinations and investigations, at that person’s request, and facilitate their examination by that person. 2000, c. 29, s. 558.
Section 558Verify source
§ 559Section 559Provision

Source excerpt

If the Authority requires them, certain documents, books, registers, accounts, and records must be provided to the Authority in whatever medium they are stored and however they are accessed.

559. The documents, books, registers, accounts and records that the Authority may require must be provided to the Authority, whatever the medium in which they are stored and whatever the means of accessing them. 2000, c. 29, s. 559; 2002, c. 45, s. 338; 2004, c. 37, s. 90.
Section 559Verify source
§ 560Section 560Provision

Source excerpt

A person conducting an inspection, examination, or investigation must, on request, identify themselves and produce a certificate of capacity.

560. The person making an inspection or examinations and investigations shall, on request, identify himself or herself and produce a certificate of capacity signed by the president and director general of the Authority or by any staff member so authorized by by-law. 2000, c. 29, s. 560; 2002, c. 45, s. 329; 2004, c. 37, s. 90.
Section 560Verify source
§ 561Section 561Provision

Source excerpt

A person must not hinder an inspection, examination, or investigation, including by misleading the person conducting it.

561. No person may hinder the work of any person conducting an inspection or examinations and investigations, in particular by misleading that person. 2000, c. 29, s. 561.
Section 561Verify source
§ 562Section 562Offence

Source excerpt

The Authority or its representative may seize relevant documents during an inspection if they have reasonable grounds to believe an offence has been committed, but must leave a copy with the person from whom the document is taken.

562. The Authority or the Authority’s representative, in exercising the Authority’s powers of inspection, may, if the Authority or the representative has reasonable grounds to believe an offence has been committed under this Act or another Act under the administration of the Authority or a regulation made thereunder or a by-law approved by the Government, seize any relevant document provided the Authority or the representative leaves a copy with the person from whom it is seized; the Authority shall have custody of the seized document. 2000, c. 29, s. 562; 2002, c. 45, s. 338; 2004, c. 37, s. 90.
Section 562Verify source
§ 563Section 563Provision

Source excerpt

The Authority must not keep a document seized under section 562 for more than 90 days unless proceedings are started within that time.

563. The Authority shall not keep the document seized under section 562 for over 90 days unless proceedings are brought within that time. A judge of the Court of Québec may order the period during which the seized documents are kept reduced or extended for a further 90 days. 2000, c. 29, s. 563; 2002, c. 45, s. 338; 2004, c. 37, s. 90.
Section 563Verify source
§ 564Section 564Provision

Source excerpt

The Authority may order an inquiry into matters within its jurisdiction if it believes the public interest requires it.

564. The Authority may order an inquiry into any matter within the Authority’s jurisdiction, if the Authority is of the opinion that the public interest requires it. 2000, c. 29, s. 564; 2002, c. 45, s. 338; 2004, c. 37, s. 90.
Section 564Verify source
§ 564.1Section 564.1Provision

Source excerpt

Information determined by the Minister by regulation and held by a financial services cooperative for the Authority’s supervision is confidential.

564.1. Such information as is determined by the Minister by regulation that is held by a financial services cooperative in relation to the Authority’s supervision of the cooperative is confidential. It may not be used as evidence in any civil or administrative proceedings and is privileged for that purpose. No person may be compelled, in any civil or administrative proceedings, to testify or to produce a document relating to that information. 2018, c. 23, s. 317.
Section 564.1Verify source
§ 564.2Section 564.2Provision

Source excerpt

Despite section 564.1, specified actors may use confidential information as evidence in certain proceedings.

564.2. Despite section 564.1, (1) the Attorney General, the Minister or the Authority may use the information made confidential by that section as evidence; (2) the financial services cooperative concerned may, in accordance with the regulation made by the Minister, use that information as evidence in any proceedings concerning the administration or enforcement of this Act that are brought by the cooperative, the Minister, the Authority or the Attorney General; and (3) anyone who may be compelled to testify or to produce a document relating to that information in any proceedings regarding the application of this Act or any other Act administered by the Authority to the cooperative may use that information provided the proceedings are brought by the cooperative concerned, the Attorney General, the Minister or the Authority. 2018, c. 23, s. 317; 2021, c. 34, s. 50.
Section 564.2Verify source
§ 564.3Section 564.3Provision

Source excerpt

Communicating certain protected information does not waive the confidentiality or protection attached to it.

564.3. The communication of information referred to in sections 564.1 and 564.2 otherwise than in the cases provided for by their provisions does not entail a waiver of the confidentiality conferred by those provisions. Likewise, the communication to the Authority of information protected by professional secrecy, by litigation privilege or by another communication restriction under the rules of evidence does not entail a waiver of the protection conferred on that information. 2018, c. 23, s. 317; 2021, c. 34, s. 51.
Section 564.3Verify source
§ 564.4Section 564.4Provision

Source excerpt

Sections 564.1 to 564.3 do not apply to information that must be made public by law, or to certain information held by a financial services cooperative when it is contained in a document sent under another Act.

564.4. The provisions of sections 564.1 to 564.3 do not apply to information that must be made public by law. Nor do they apply to information held by a financial services cooperative if the information is contained in a document that was sent in accordance with the provisions of another Act. 2018, c. 23, s. 317.
Section 564.4Verify source
§ 564.5Section 564.5Provision

Source excerpt

The Authority may require a financial services cooperative to set up a controlled legal person to carry on non-cooperative activities in certain cases.

564.5. The Authority may require a financial services cooperative to establish a legal person of which the cooperative will be the holder of control to carry on an activity other than the activities of a financial services cooperative, (1) if the activity constitutes the operation of an enterprise, regardless of the cooperative’s other activities; and (2) if, in the Authority’s opinion, the activity renders the application of this Act difficult or ineffective. For the purposes of the first paragraph, an activity is deemed not to constitute the operation of an enterprise if it generates less than 2% of the gross income of a financial services cooperative. 2018, c. 23, s. 318.
Section 564.5Verify source
§ 565Section 565Provision

Source excerpt

The Authority may issue instructions to a financial services cooperative or a security fund.

565. The Authority may establish instructions for a financial services cooperative or a security fund. Instructions must be in writing and must be specific to the addressee, but need not be published. The Authority must, before sending instructions, notify the addressee and give it an opportunity to present observations. 2000, c. 29, s. 565; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2008, c. 7, s. 66; 2018, c. 23, s. 318.
Section 565Verify source
§ 565.1Section 565.1Provision

Source excerpt

The Authority may issue guidelines for certain cooperatives and credit unions, and a federation may issue a guideline for legal persons in a cooperative group.

565.1. The Authority may establish guidelines for all financial services cooperatives or a single class of such cooperatives, or for credit unions or a federation of which such credit unions are members. The federation may also establish a guideline concerning all legal persons belonging to a cooperative group; such a guideline may be addressed to the federation belonging to that group. Guidelines must be general and impersonal; the Authority publishes them in its bulletin after sending a copy of them to the Minister. 2018, c. 23, s. 318.
Section 565.1Verify source
§ 566Section 566Provision

Source excerpt

A guideline tells addressees what measures they may adopt; an instruction tells its addressee what obligations the Authority considers binding under the Act.

566. A guideline informs its addressees of measures that, in the Authority’s opinion, they may establish to satisfy their obligations under this Act. Instructions, on the other hand, inform their addressee of the obligations that, in the Authority’s opinion, are incumbent on it under that Act. 2000, c. 29, s. 566; 2008, c. 7, s. 67; 2018, c. 23, s. 318.
Section 566Verify source
§ 567Section 567Provision

Source excerpt

The Authority may order a financial services cooperative, a security fund, or related persons to stop a course of action or take specified measures when it believes obligations under the Act are not being performed fully, properly, and without delay.

567. The Authority may order a financial services cooperative or a security fund to cease a course of action or to implement specified measures if the Authority is of the opinion that the cooperative or fund is failing to perform its obligations under this Act in full, properly and without delay. An order concerning two or more legal persons belonging to a cooperative group may be issued against the federation that belongs to the group. The Authority may, for the same reasons, issue an order against a third person that, on behalf of a financial services cooperative or a security fund, carries on its activities or performs its obligations. 2000, c. 29, s. 567; 2002, c. 45, s. 330; 2004, c. 37, s. 90; 2008, c. 7, s. 68; 2018, c. 23, s. 319; 2021, c. 34, s. 52.
Section 567Verify source
§ 568Section 568Repeal

Source excerpt

Section 568 is repealed.

568. (Repealed). 2000, c. 29, s. 568; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2008, c. 7, s. 69; 2018, c. 23, s. 320.
Section 568Verify source
§ 569Section 569Provision

Source excerpt

The Authority may order a credit union supervision board or a federation ethics and professional conduct board to take measures the Authority indicates if it believes the board is not exercising its functions in accordance with the Act.

569. Where, in the opinion of the Authority, the board of supervision of a credit union or the board of ethics and professional conduct of a federation is not exercising its functions in accordance with the provisions of this Act, the Authority may order the board to take the measures indicated by the Authority to remedy the situation. 2000, c. 29, s. 569; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2005, c. 35, s. 35, s. 36; 2018, c. 23, s. 321.
Section 569Verify source
§ 569.1Section 569.1Provision

Source excerpt

Before issuing an order under this division, the Authority must give written prior notice at least 15 days in advance to the contravener, and sometimes to related federations or cooperative bodies.

569.1. At least 15 days before issuing an order under this division, the Authority shall notify the prior notice prescribed by section 5 of the Act respecting administrative justice (chapter J-3) to the contravener in writing and, if applicable, to the federation of which the contravener is a member as well as, if the contravener is a third person who acts on behalf of a financial services cooperative or a security fund, to that cooperative or fund, stating the reasons which appear to justify the order, the date on which the order is to take effect and the right of the contravener or, if applicable, the federation, to present observations. Where the contravener belongs to a cooperative group, the notice must also be notified to the federation belonging to that group. 2018, c. 23, s. 322; 2021, c. 34, s. 53.
Section 569.1Verify source
§ 570Section 570Provision

Source excerpt

The Authority must state the reasons for its order and send it to the relevant directors or board members.

570. The order of the Authority must state the reasons on which the order is based. The Authority shall send the order to each director of the legal person concerned or, as the case may be, to each member of the board of supervision of the credit union or, as the case may be, of the board of ethics and professional conduct of the federation. The order shall become effective on the day it is served or on any later date indicated therein. 2000, c. 29, s. 570; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2005, c. 35, s. 35, s. 36; 2018, c. 23, s. 323.
Section 570Verify source
§ 571Section 571Provision

Source excerpt

The Authority may issue a provisional order without prior notice if it thinks delay would be prejudicial, and the order must state reasons. The order lasts up to 15 days, takes effect when served, and the person concerned may submit observations within 6 days.

571. However, the Authority may, without prior notice, issue a provisional order, valid for a period not exceeding 15 days, if the Authority is of the opinion that the granting of time to whoever the order concerns to present observations could be prejudicial. The order must state the reasons on which it is based and shall become effective on the day it is served on whoever it concerns. The latter may, within six days of receiving such an order, present observations to the Authority. 2000, c. 29, s. 571; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2018, c. 23, s. 324; 2021, c. 34, s. 54.
Section 571Verify source
§ 572Section 572Amendment

Source excerpt

The Authority may revoke or amend an order it has issued under this division.

572. The Authority may revoke or amend an order it has issued under this division. 2000, c. 29, s. 572; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2018, c. 23, s. 325.
Section 572Verify source
§ 573Section 573Provision

Source excerpt

The Authority may apply to a Superior Court judge for an injunction about any matter relating to the Act.

573. The Authority may, by an application, apply to a judge of the Superior Court for an injunction in respect of any matter relating to this Act. The application for an injunction constitutes an action. The procedure prescribed in the Code of Civil Procedure (chapter C‐25.01) applies, except that the Authority cannot be required to give security. 2000, c. 29, s. 573; 2002, c. 45, s. 338; 2004, c. 37, s. 90; I.N. 2016-01-01 (NCCP); 2018, c. 23, s. 326.
Section 573Verify source
§ 573.1Section 573.1Provision

Source excerpt

The Authority may, on its own initiative and without notice, intervene in any proceeding relating to a provision of this Act.

573.1. The Authority may, on its own initiative and without notice, intervene in any proceeding relating to a provision of this Act. 2018, c. 23, s. 327.
Section 573.1Verify source
§ 573.2Section 573.2Provision

Source excerpt

The Authority may ask a court to cancel or suspend a contract made by a financial services cooperative in breach of the Act, but only if doing so is in depositors’ interests and that interest outweighs the parties’ legal security. The request cannot be made after 10 years from when the contract took effect.

573.2. The Authority may apply to a court to cancel or suspend the performance of a contract entered into by a financial services cooperative in contravention of this Act if the Authority shows that the cancellation or suspension is in the interest of depositors and that, under the circumstances, that interest must prevail over the legal security of parties to the contract and of other persons whose rights and obligations would be affected by the cancellation or suspension. The cancellation or suspension may not be applied for after the end of the 10th year after the contract concerned came into effect. The court may also order that the officers who are party to such a contract, who have authorized it or who have otherwise facilitated its entering into, be solidarily required to pay the cooperative the amount of damages awarded as compensation for the injury suffered or the amount paid by the cooperative because of the contract. 2018, c. 23, s. 327.
Section 573.2Verify source
§ 574Section 574Repeal

Source excerpt

Section 574 is repealed.

574. (Repealed). 2000, c. 29, s. 574; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2008, c. 7, s. 70.
Section 574Verify source
§ 575Section 575Repeal

Source excerpt

Section 575 is repealed.

575. (Repealed). 2000, c. 29, s. 575; 2008, c. 7, s. 70.
Section 575Verify source
§ 576Section 576Repeal

Source excerpt

576. (Repealed). 2000, c. 29, s. 576; 2008, c. 7, s. 70.

576. (Repealed). 2000, c. 29, s. 576; 2008, c. 7, s. 70.
Section 576Verify source
§ 577Section 577Repeal

Source excerpt

Section 577 is repealed.

577. (Repealed). 2000, c. 29, s. 577; 2008, c. 7, s. 70.
Section 577Verify source
§ 578Section 578Repeal

Source excerpt

Section 578 is repealed.

578. (Repealed). 2000, c. 29, s. 578; 2008, c. 7, s. 70.
Section 578Verify source
§ 579Section 579Repeal

Source excerpt

579. (Repealed). 2000, c. 29, s. 579; 2008, c. 7, s. 70.

579. (Repealed). 2000, c. 29, s. 579; 2008, c. 7, s. 70.
Section 579Verify source
§ 580Section 580Repeal

Source excerpt

Section 580 is repealed.

580. (Repealed). 2000, c. 29, s. 580; 2008, c. 7, s. 70.
Section 580Verify source
§ 581Section 581Repeal

Source excerpt

Section 581 is repealed.

581. (Repealed). 2000, c. 29, s. 581; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2008, c. 7, s. 70.
Section 581Verify source
§ 582Section 582Repeal

Source excerpt

Section 582 is repealed.

582. (Repealed). 2000, c. 29, s. 582; 2008, c. 7, s. 70.
Section 582Verify source
§ 583Section 583Repeal

Source excerpt

Section 583 is repealed.

583. (Repealed). 2000, c. 29, s. 583; 2008, c. 7, s. 70.
Section 583Verify source
§ 584Section 584Provision

Source excerpt

The Authority must keep custody of all registers and records needed to administer this Act.

584. The Authority has the custody of all registers and records required for the administration of this Act. 2000, c. 29, s. 584; 2002, c. 45, s. 338; 2004, c. 37, s. 90.
Section 584Verify source
§ 585Section 585Provision

Source excerpt

Authority-issued certificates, attached copies of articles, and other documents issued under the Act are authentic.

585. The certificates issued by the Authority, the copies of articles attached thereto and all documents issued by the Authority under this Act are authentic. The signature of the president and director general of the Authority, or any staff member authorized by by-law, on copies of documents, registers or archives is proof of the fact that such documents exist and are in the lawful possession of the Authority. Any copy signed by one of the persons referred to in the second paragraph is equivalent to the original itself in any court of justice, and any document or copy purporting to bear the signature of the such person is presumed to do so until proof to the contrary. 2000, c. 29, s. 585; 2002, c. 45, s. 331; 2004, c. 37, s. 90.
Section 585Verify source
§ 586Section 586Provision

Source excerpt

The Authority may correct an incomplete certificate or one with an error.

586. The Authority may correct an incomplete certificate or a certificate containing an error. The completed or corrected certificate is deemed to have been issued on the date shown on the certificate that it replaces or on the date that should have been shown on it, where such is the case. The Authority shall transmit a certified copy of the completed or corrected certificate to the enterprise registrar who shall deposit it in the enterprise register. 2000, c. 29, s. 586; 2002, c. 45, s. 332; 2004, c. 37, s. 90; 2010, c. 40, s. 92.
Section 586Verify source
§ 587Section 587Amendment

Source excerpt

If a completed or corrected certificate materially changes an incomplete certificate or one containing an error, the Authority must give a copy to the financial services cooperative.

587. If a completed or corrected certificate materially amends the incomplete certificate or the certificate containing an error, the Authority shall give a copy thereof to the financial services cooperative. 2000, c. 29, s. 587; 2002, c. 45, s. 338; 2004, c. 37, s. 90.
Section 587Verify source
§ 588Section 588Provision

Source excerpt

In proceedings, the original of certain records held by the Authority or the enterprise registrar does not need to be produced if a properly certified copy or extract is provided.

588. It shall not be necessary in any proceedings to produce the original of any book, document, order or register in the possession of the Authority or the enterprise registrar; a copy or extract certified by the president and director general of the Authority or by any staff member so authorized by by-law or, as the case may be, by the enterprise registrar shall be sufficient proof of the original. 2000, c. 29, s. 588; 2002, c. 45, s. 333; 2004, c. 37, s. 90.
Section 588Verify source
§ 589Section 589Provision

Source excerpt

Producing a staff member’s affidavit is proof in court of the signatory’s signature and quality.

589. The production of the affidavit of a member of the staff of the Authority constitutes proof before the court of the signature and quality of the signatory. 2000, c. 29, s. 589; 2002, c. 45, s. 338; 2004, c. 37, s. 90.
Section 589Verify source
§ 589.1Section 589.1Provision

Source excerpt

A person cannot be prosecuted for information given in good faith to the Authority under this Act.

589.1. No person may be prosecuted on the basis of information given in good faith to the Authority in accordance with this Act. 2004, c. 37, s. 51.
Section 589.1Verify source
§ 590Section 590Repeal

Source excerpt

Section 590 is repealed.

590. (Repealed). 2000, c. 29, s. 590; 2002, c. 45, s. 338; 2004, c. 37, s. 90; I.N. 2016-01-01 (NCCP); 2018, c. 23, s. 328.
Section 590Verify source
§ 591Section 591Provision

Source excerpt

The Government determines annually how much of the Authority’s administration costs are borne by federations and non-member credit unions, based on the Authority’s forecasts, and any difference between forecast and actual yearly costs is carried forward to the next year’s similar costs.

591. The costs that must be incurred by the Authority for the administration of this Act are to be borne by the federations and the credit unions that are not members of a federation; they are determined annually by the Government based on the forecasts provided to it by the Authority. The difference noted between the forecast of the costs that must be incurred for the administration of this Act for a year and those actually incurred for the same year must be carried over to the similar costs determined by the Government for the year after the difference is noted. 2000, c. 29, s. 591; 2018, c. 23, s. 329.
Section 591Verify source
§ 592Section 592Provision

Source excerpt

For a credit union that is not a member of a federation, the exigible amount equals the sum of a government-fixed annual minimum amount and a second amount based on average assets.

592. The amount exigible from each credit union that is not a member of a federation shall correspond to the sum of the following amounts: (1) a minimum amount fixed each year by the Government for each credit union; (2) an amount corresponding to the product obtained by multiplying the sum of the average assets of all the credit unions at the end of the preceding year by the fraction corresponding to the average assets of the credit union at the end of the same year over the said sum. 2000, c. 29, s. 592.
Section 592Verify source
§ 593Section 593Provision

Source excerpt

A federation must pay an amount equal to the sum of two amounts: a yearly minimum set by the Government for each member credit union, and a second amount calculated from average assets.

593. The amount exigible from a federation shall correspond to the sum of the following amounts: (1) a minimum amount fixed each year by the Government for each member credit union; (2) an amount corresponding to the product obtained by multiplying the sum of the average assets of all the credit unions at the end of the preceding year by the fraction corresponding to the sum of the average assets of all the member credit unions at the end of the same year over the sum of the average assets of all the credit unions at the end of the same year. 2000, c. 29, s. 593.
Section 593Verify source
§ 594Section 594Provision

Source excerpt

For sections 592 and 593, average assets are treated as the average of the assets at the start and end of the preceding year.

594. For the purposes of sections 592 and 593, the average assets are considered equal to the amount represented by the sum of the assets at the beginning and at the end of the preceding year, divided by two. 2000, c. 29, s. 594.
Section 594Verify source
§ 595Section 595Provision

Source excerpt

Federations and credit unions that are not members of a federation must provide the Authority with any report or information it requires for determining the amount exigible under the Act.

595. To determine the amount exigible for the purposes of this Act, the federations and the credit unions that are not members of a federation must furnish to the Authority such report or information as the latter may require. 2000, c. 29, s. 595; 2002, c. 45, s. 338; 2004, c. 37, s. 90.
Section 595Verify source
§ 596Section 596Provision

Source excerpt

A credit union that is a member of a federation must, when the federation asks, pay the federation an amount calculated under section 592.

596. Every credit union that is a member of a federation must, at the request of the federation, pay to it an amount calculated in accordance with section 592. 2000, c. 29, s. 596.
Section 596Verify source
§ 597Section 597Repeal

Source excerpt

Section 597 is repealed.

597. (Repealed). 2000, c. 29, s. 597; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2026, c. 5, s. 354.
Section 597Verify source
§ 598Section 598Repeal

Source excerpt

Section 598 is repealed.

598. (Repealed). 2000, c. 29, s. 598; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2026, c. 5, s. 354.
Section 598Verify source
§ 599Section 599Repeal

Source excerpt

The Government may make regulations on the listed matters, including fees, credit union names, policies, audit reporting, voting rights, advertising, and share limits.

599. The Government may, by regulation, (1) prescribe the fees exigible for any formality or measure provided for in this Act or a government regulation thereunder or for the examination or reproduction of documents, and prescribe the terms and conditions applicable to the payment of such fees; (2) identify the public authorities referred to in subparagraph 6 of the first paragraph of section 17; (3) determine, for the purposes of subparagraph 7 of the first paragraph of section 17, the cases where the name of a credit union may falsely suggest that it is related to another person, partnership or group; (4) determine the criteria to be taken into account for the purposes of subparagraphs 7 and 8 of the first paragraph of section 17; (5) determine, for the purposes of section 19, any word or expression that may not be included in the name of a credit union unless the federation determined by the Government in the regulation consents by resolution to the use of the name and undertakes by resolution to admit the credit union as a member; (6) (subparagraph repealed); (7) (subparagraph repealed); (7.0.1) determine the limits applicable to the reserve for future dividends; (7.1) determine the policy the caisses must adopt in accordance with section 131.1 or elements of such a policy; (7.2) determine the policy that a federation must adopt in accordance with section 131.1 or elements of such a policy; (8) determine the additional information that must be stated by the auditor in a report under section 151 or 159; (8.1) determine, for the purposes of section 288.1, the limits to the voting rights that participating auxiliary members may exercise together at a general meeting of the federation; (9) determine the subjects that must be examined by the audit and inspection commission in accordance with section 389; (10) determine the cases where, despite section 473, a financial services cooperative may acquire and hold up to all the contributed capital securities issued by a legal person or a partnership, up to all the participations in a trust or a share of a right of ownership; (11) (subparagraph repealed); (11.1) (subparagraph repealed); (12) (subparagraph repealed); (13) (subparagraph repealed); (14) (subparagraph repealed); (15) determine from among the regulatory provisions made under this section those the violation of which constitutes an offence; (16) prescribe the cases in which an advertisement may be made with respect to a security fund and the manner and form of the advertisement, for the purposes of section 516; (17) (subparagraph repealed); (18) determine the maximum value or maximum number of the shares, other than qualifying shares, which auxiliary members of a financial services cooperative may hold and the maximum proportion of such shares in relation to the total number of shares held by all members. The value, number and proportion of shares prescribed in a regulation adopted under subparagraph 18 of the first paragraph may vary according to the rights, privileges or restrictions attaching to them. 2000, c. 29, s. 599; 2002, c. 45, s. 334; 2003, c. 20, s. 30; 2008, c. 7, s. 71; 2018, c. 23, s. 330.
Section 599Verify source
§ 599.1Section 599.1Repeal

Source excerpt

Section 599.1 is repealed.

599.1. (Repealed). 2009, c. 27, s. 8; 2025, c. 16, s. 181.
Section 599.1Verify source
§ 600Section 600Repeal

Source excerpt

The Government may, after 60 days and after giving formal notice to a federation, make the regulation itself.

600. The Government may, 60 days after transmitting a formal notice to a federation requiring it to adopt the standards it must adopt under the second paragraph of section 369, exercise that power itself, by regulation. Any government regulation made pursuant to the first paragraph is deemed to be a standard of the federation, and the federation may, with the authorization of the Government, amend, replace or repeal it. 2000, c. 29, s. 600; 2018, c. 23, s. 331.
Section 600Verify source
§ 601Section 601Provision

Source excerpt

When exercising its regulatory powers, the Government may establish classes of persons, partnerships, activities, or operations and set appropriate rules for each class.

601. In exercising its regulatory powers, the Government may establish various classes of persons, partnerships, activities or operations and prescribe appropriate rules for each class. 2000, c. 29, s. 601.
Section 601Verify source
§ 601.1Section 601.1Provision

Source excerpt

The Authority may make regulations to set standards for financial services cooperatives’ business and management practices.

601.1. The Authority may, by regulation, determine the standards applicable to financial services cooperatives in relation to their business and management practices. 2018, c. 23, s. 332.
Section 601.1Verify source
§ 601.2Section 601.2Amendment

Source excerpt

The Minister approves regulations made under section 601.1, and may make one if the Authority does not do so within the time the Minister sets.

601.2. A regulation made under section 601.1 by the Authority is approved by the Minister with or without amendment. The Minister may make such a regulation if the Authority fails to do so within the time specified by the Minister. A draft of a regulation must be published in the Authority’s bulletin with the notice required under section 10 of the Regulations Act (chapter R-18.1). The draft of the regulation may not be submitted for approval and the regulation may not be made before 30 days have elapsed since the publication of the draft. A regulation under this section comes into force on the date of its publication in the Gazette officielle du Québec or on any later date specified in it. It must also be published in the Authority’s bulletin. If the regulation published in the Authority’s bulletin differs from the one published in the Gazette officielle du Québec, the latter prevails. Sections 8, 11 and 17 to 19 of the Regulations Act do not apply to a regulation of the Authority under this Act. 2018, c. 23, s. 332; 2025, c. 16, s. 162.
Section 601.2Verify source
§ 601.3Section 601.3Provision

Source excerpt

Fees for the formalities set by the Authority’s regulation are set by government regulation.

601.3. The fees payable for the formalities prescribed by regulation of the Authority are prescribed by government regulation. 2018, c. 23, s. 332.
Section 601.3Verify source
§ 601.4Section 601.4Offence

Source excerpt

Sets monetary administrative penalties for listed compliance failures by cooperatives, credit unions, federations, a security fund, and certain auditors.

601.4. A monetary administrative penalty of $250 in the case of a natural person and $1,000 in any other case may be imposed on (1) a financial services cooperative (a) that, in contravention of section 37, fails to send the required documents to the Authority within 30 days following its organization meeting, (b) that, in contravention of section 131.7, fails to send a report on its complaint processing policy to the Authority, (c) that, in contravention of section 147, fails to inform the Authority of the resignation of the auditor, (d) that, in contravention of section 165, fails to send a copy of its annual report to a member who requests it, or (e) that, in contravention of section 166, fails to send a copy of its annual report to the Authority; (2) a credit union (a) that, in contravention of section 218, fails to send the amendments made to its by-laws to the Authority, (b) that, in contravention of section 221, fails to hold its annual meeting within four months from the end of its fiscal year, or (c) that, not being a member of a federation, in contravention of section 426, fails to send a report to the Authority; (3) a federation (a) that, in contravention of section 303, fails to hold its annual meeting within four months from the end of its fiscal year, (b) whose by-laws, in contravention of section 330, do not set out the number of times that a board member’s term of office may be renewed, whether consecutively or otherwise, (c) that, in contravention of section 333, fails to give notice to the Authority of a change made among the directors of the board of directors, (d) whose board of ethics and professional conduct, in contravention of section 353, fails to transmit a yearly report of its activities in matters of ethics and professional conduct to the Authority, (e) that, in contravention of section 376, fails to transmit its by-laws and the standards it has adopted to the Authority, (f) that, in contravention of section 385.6, fails to report to the Authority on the number of complaint records it has registered in the register of complaint records submitted for its examination and their nature, (g) whose audit and inspection commission, in contravention of section 390, fails to send the Authority a report on its activities up to the closing date of its last fiscal year, (h) that, in contravention of section 425, fails to send a copy of its annual report to a member who requests it, (i) that, in contravention of section 426, fails to send a report to the Authority, or (j) that, in contravention of section 427 or 463, fails to send its financial statements to the Authority; (4) a security fund that, in contravention of section 528, fails to send a statement of operations for the fiscal year just ended to the Authority, prepared in the form prescribed by the Authority and in compliance with the requirements set out in sections 529 and 530; (5) an auditor, other than the auditor referred to in the fifth paragraph of section 152, who, in contravention of that section, fails to send the required report to the Authority; or (6) a financial services cooperative, a member of its financial group or its auditor if it or he or she refuses to communicate or provide access to a document or information required by the Authority for the purposes of this Act. The penalties prescribed by the first paragraph also apply if the information or documents concerned are incomplete, or are not sent before the specified time limit. 2018, c. 23, s. 332.
Section 601.4Verify source
§ 601.5Section 601.5Offence

Source excerpt

Section 601.5 allows a monetary administrative penalty to be imposed for listed compliance failures by certain financial entities and a chief manager.

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.
Section 601.5Verify source
§ 601.6Section 601.6Offence

Source excerpt

This section sets a $5,000 monetary administrative penalty for listed financial services cooperatives, credit unions, federations, and issuing corporations when they act contrary to the referenced sections.

601.6. A monetary administrative penalty of $5,000 may be imposed on (1) a financial services cooperative (a) whose shares, in contravention of section 60, entitle its holder, in the event of the winding-up, insolvency or dissolution of the cooperative, to be reimbursed before the deposits and the other debts of the cooperative have been repaid, (b) that, in contravention of section 61, purchases, repurchases or redeems shares without the authorization of the Authority, (c) that, in contravention of section 82, hypothecates or gives property as security before obtaining the authorization of the Authority or the federation it is a member of, as the case may be, or (d) that, in contravention of section 139, fails to cause its books and accounts to be audited every year by an auditor or whose auditor does not meet the qualification criteria set out in sections 143 and 144; (e) that holds contributed capital securities issued by a legal person or partnership, participations in a trust or a share in a co-ownership acquired in contravention of the limits prescribed by section 473 without such holdings being authorized by section 474; (2) a credit union (a) that, not being a member of a federation, in contravention of section 88, does not comply with the government regulations referred to in that section, (b) whose board of directors includes a member who is a disqualified person in contravention of section 227, or a number of directors that contravenes section 244, unless otherwise provided for in the by-laws of the Group made under section 547.2, or (c) whose board of supervision includes a member who is a disqualified person, in contravention of section 227, or whose board of supervision, in contravention of section 260, is composed of fewer than three members, unless otherwise provided for in the by-laws of the Group made under section 547.2 or section 547.13; (3) a federation (a) whose movable property, in contravention of section 81, is charged with a hypothec or other security given, (b) that, in contravention of section 87, allocates to a reserve any asset or liability not contemplated in that section, (c) that permits, in contravention of section 288.1, its auxiliary members to exercise together more than 30% of the voting rights at a general meeting of the federation, (d) whose board of directors, in contravention of section 326, is composed of fewer than five members or, in contravention of section 328, includes a member who is a disqualified person, (e) whose board of ethics and professional conduct, in contravention of section 359, is composed of fewer than five members or, in contravention of section 361, includes a member who is a disqualified person, unless otherwise provided for in the by-laws of the Group made under section 547.2 or section 547.13, (f) that, in contravention of section 391, fails to inspect the internal affairs and the activities of a credit union or the activities carried on on its behalf or, in contravention of section 399, fails to transmit a copy of its inspection report to the Authority, (g) that, in contravention of section 413, entrusts all or part of the management of the funds it has established to any other person, without the authorization of the Authority, or (h) that, in contravention of section 480, does not hold directly all the shares carrying voting rights of the issuing corporation referred to in section 475; or (4) an issuing corporation that, in contravention of section 481, makes a public issue of securities without the amount and terms and conditions of such issue having received the prior approval of the federation that is the holder of control of the corporation. 2018, c. 23, s. 332.
Section 601.6Verify source
§ 601.7Section 601.7Offence

Source excerpt

The Authority may impose a monetary administrative penalty of $2,000 for a natural person and $10,000 in any other case for failing to comply with an order or decision of the Authority.

601.7. A monetary administrative penalty of $2,000 in the case of a natural person and $10,000 in any other case may be imposed on anyone who fails to comply with an order or a decision of the Authority. 2018, c. 23, s. 332.
Section 601.7Verify source

Legislative relationships

6 referenced instruments

Names are derived from the stored provision headings and citation-enrichment layer. Treat this as a research index and verify each relationship against the source text.

A–F

3 instruments

  • Civil Code

    Sections 547.10, 547.51

  • Deposit Institutions and Deposit Protection Act

    Sections 547.30, 547.45

  • Federation by this Act

    Section 547.2

G–M

1 instrument

  • Group prevail over any conflicting provisions in the by-laws of the cooperative. In this Act

    Section 547.4

N–S

2 instruments

  • Regulations Act

    Section 601.2

  • Superior Court for an injunction in respect of any matter relating to this Act

    Section 573

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  • 10 Jun 2026 · currentEnglish

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