Acts and Regulations

2016-39 - Credit Unions Act

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NEW BRUNSWICK
REGULATION 2016-39
under the
Credit Unions Act
(O.C. 2016-155)
Filed June 30, 2016
1Section 2.2 of New Brunswick Regulation 94-5 under the Credit Unions Act is repealed and the following is substituted:
2.2For the purposes of paragraph 19(2)(b) of the Act, the following group plans of insurance are prescribed:
(a) Credit Union Creditor Insurance; and
(b) Credit Union Savings Insurance.
2Section 4 of the Regulation is amended
(a) in subsection (1) by striking out “of which the credit union is a member”;
(b) in subsection (1.1) in the portion preceding paragraph (a) by striking out “A stabilization board” and substituting “The stabilization board”;
(c) in subsection (2) by striking out “a stabilization board” and substituting “the stabilization board”;
(d) in subsection (3) by striking out “of which a credit union is a member authorizes the credit union” and substituting “authorizes a credit union”;
(e) in subsection (4) by striking out “of the same federation” and substituting “of Atlantic Central”.
3Section 6 of the Regulation is amended
(a) in paragraph (1)(g) by striking out “of which the credit union is a member”;
(b) in subsection (2) by striking out “of which the credit union is a member”;
(c) in subsection (3) by striking out “of which the credit union is a member”;
(d) in paragraph (4)(b) by striking out “of which the credit union is a member”.
4Section 7 of the Regulation is amended
(a) in subsection (2) by striking out “the federation of which it is a member in the liquidity fund established by the federation” and substituting “Atlantic Central in the liquidity fund established by it”;
(b) in subsection (3) of the French version by striking out “fonds de liquidité” and substituting “fonds de liquidités”.
5Section 8 of the Regulation is repealed.
6Subsection 9(4) of the Regulation is amended by striking out “of which the credit union is a member”.
7Section 12 of the Regulation is amended
(a) in subsection (2) by striking out “of which the credit union is a member”;
(b) by repealing subsection (3) and substituting the following:
12(3)If the stabilization board provides financial assistance to a credit union under subsection (2) it may do so on the terms and conditions that it considers appropriate.
(c) in subsection (5) of the English version by striking out “a stabilization board” and substituting “the stabilization board”.
8Subsection 12.1(3) of the Regulation is amended by striking out “of which a credit union is a member”.
9Subsection 13(1) of the Regulation is amended by striking out “of which the credit union is a member”.
10Section 15 of the Regulation is repealed.
11Subsection 15.1(2) of the Regulation is amended by repealing the portion preceding paragraph (a) and substituting the following:
15.1(2)For the purposes of subsections 202.3 and 202.4 of the Act, the book value of non-liquid assets held in the stabilization fund of the stabilization board are excluded in determining the total amount of the stabilization fund, including, without limitation, the following:
12Section 17 of the Regulation is repealed.
13Section 18 of the Regulation is amended
(a) in subsection (1) by striking out “a stabilization board” and substituting “the stabilization board”;
(b) in subsection (1.1)
(i) in the portion preceding paragraph (a) by striking out “a stabilization board” and substituting “the stabilization board”;
(ii) by repealing paragraph (b) and substituting the following:
(b) invest in real estate, in Atlantic Central or in a subsidiary company of Atlantic Central funds that are held in its stabilization fund.
(c) by repealing subsection (1.3);
(d) in subsection (2) by striking out “a stabilization board” and substituting “the stabilization board”;
(e) in subsection (3) by striking out “a stabilization board” and substituting “the stabilization board”;
(f) in subsection (4) of the English version by striking out “a stabilization board” and substituting “the stabilization board”.
14Section 19 of the Regulation is repealed and the following is substituted:
19Subsections 9(2) and (3) apply with the necessary modifications to investments of the stabilization board.
15Subsection 19.1(2) of the Regulation is amended
(a) in paragraph (a) by striking out “of which the credit union is a member”;
(b) in paragraph (b) by striking out “the stabilization boards” and substituting “the stabilization board”.
16Section 21 of the Regulation is repealed.
17Form 1 of the Regulation is repealed.
18Form 2 of the Regulation is repealed.
19Form 3 of the Regulation is repealed.
20Form 4 of the Regulation is repealed.
21Form 5 of the Regulation is repealed.
22Form 6 of the Regulation is repealed.
23Form 7 of the Regulation is repealed.
24Form 8 of the Regulation is repealed.
25Form 9 of the Regulation is repealed.
26Form 10 of the Regulation is repealed.
27Form 11 of the Regulation is repealed.
28Form 12 of the Regulation is repealed.
29Form 13 of the Regulation is repealed.
30Form 14 of the Regulation is repealed.
31Form 15 of the Regulation is repealed.
32Form 16 of the Regulation is repealed.
33Form 17 of the Regulation is repealed.
34Form 18 of the Regulation is repealed.