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2019, ch. 25
- Credit Unions Act
Table des matières détaillée
Credit Unions Act
1
PRELIMINARY MATTERS
1
Definitions
2
Subsidiary
3
Control of the body corporate
4
Purpose of a credit union generally
5
Operation on co-operative basis
6
Inconsistent provisions
7
Prohibition
2
INCORPORATION OF CREDIT UNIONS
8
Application for incorporation
9
Articles of incorporation
10
By-laws
11
Approval or denial of application
12
Certificate of incorporation
13
Effect of certificate
14
Requirements of legal names
15
Legal name required to be legible
16
Definition of “dénomination commerciale”
17
Prohibited names
18
Order to change name
19
Prohibition on use of “Credit Union” or “Caisse Populaire”
20
Business name
21
Reservation of name
22
Pre-incorporation contract
3
CAPACITY AND POWERS
23
Capacity and powers of a credit union
24
Carrying on business outside the Province
25
Extra-provincial credit unions carrying on business in the Province
26
Powers of a credit union
27
Establishment or acquisition of a subsidiary
28
Insurance for security purposes
29
Prohibition
30
Restrictions
31
No constructive notice
32
Reliance by persons dealing with credit union
4
REGISTERED OFFICE AND RECORD KEEPING
33
Registered office
34
Notice to Superintendent
35
Records
36
Authorization of members
37
Examination of records
38
Form of records
39
Corporate seal
5
CAPITALIZATION ANDOPERATING STANDARDS
40
Membership shares
41
Other shares
42
Share certificates not required
43
Consideration
44
Limitation on purchase or redemption
45
Patronage refunds
46
Dividends on shares
47
Use of patronage refund or dividend to purchase surplus shares
48
Restriction on payment
49
Exception to section 48
50
Restriction on accumulation of dividends
51
No personal liability
52
Remedy preserved
53
Unclaimed balances
54
Member’s right to withdraw deposits
55
Overdrafts
56
Trust funds
57
Limited payment re deceased member
58
Loans
59
Subordinated notes
60
Lien on deposits and shares
61
Liquid assets
62
Investments
63
Allowance for doubtful accounts
64
Capital
65
Borrowing
66
Matching
67
Insurance required
68
Valuation of assets
6
MEMBERSHIP
69
Membership
70
Bond of association
71
Termination of membership by directors
72
Termination of membership by special resolution
73
Readmission
74
Withdrawal from membership
75
Remedy preserved
76
By-laws
77
Articles and by-laws are binding
78
Place of meetings
79
Calling meetings
80
Record date
81
Notice of meetings
82
Waiver of notice
83
Proposal by member
84
Quorum
85
Voting
86
Representation of bodies corporate or associations
87
Voting by proxy
88
Joint membership
89
Executors and administrators
90
Participation in meetings of members
91
Request by members to call meeting
92
Meeting called by Superintendent
7
DIRECTORS AND OFFICERS
93
Directors
94
Qualifications of directors
95
Director training program
96
Election of directors and terms of office
97
Ceasing to hold office
98
Removal of directors
99
Director entitled to notice
100
Quorum
101
Vacancy
102
Notice of change of directors
103
Meetings of directors
104
Participation at meetings of directors
105
Committees and delegation of powers
106
Audit committee
107
Validity of acts of directors and officers
108
Resolution instead of meeting
109
Liability of directors
110
Duty of directors to notify Superintendent
111
Definitions for sections 112 and 113
112
Material contract
113
Disclosure of interest
114
Designation of officers
115
Remuneration and expenses of directors
116
Duty of directors and officers
117
Director – good faith
118
Dissent by directors
119
Indemnification
8
RETURNS AND FINANCIAL DISCLOSURE
120
Fiscal year
121
Annual return
122
Annual financial statement
123
Conditions precedent to issue financial statement
124
Request for documents
125
Disclosure by directors and officers
126
Appointment of auditor
127
Remuneration of auditor
128
Qualifications of auditor
129
Removal of auditor
130
Cessation of office and resignation of auditor
131
Vacancy
132
Auditor appointed by Superintendent
133
Attendance at meetings
134
Statement of auditor
135
Examinations by auditor
136
Right to information
137
Auditor’s report
138
Errors in financial statements
139
Duty of auditor
140
Additional requirements re auditor
141
Access to working papers
142
Qualified privilege
9
FUNDAMENTAL CHANGES
143
Amendment of articles
144
Articles filed with Superintendent
145
Certificate of amendment
146
Effective date of amendment
147
Restated articles
148
Amalgamation
149
Amalgamation agreement
150
Approval of amalgamation agreement
151
Articles of amalgamation
152
Compulsory amalgamation
153
Certificate and effect of amalgamation
154
Declarations and payments
155
Extraordinary sale, lease or exchange
156
Approval of Superintendent
157
Reorganization
10
DISSOLUTION, LIQUIDATIONAND REVIVAL
158
Voluntary dissolution
159
Voluntary liquidation and dissolution
160
Revocation of intent to dissolve
161
Articles of dissolution and certificate
162
Dissolution by Superintendent
163
Application to Court to liquidate and dissolve
164
Custody of records
165
Effect of dissolution
166
Unclaimed property
167
Revival of credit union
168
Certificate of revival and effect
169
Return of property on revival
170
Effect of Bankruptcy and Insolvency Act
11
FEDERAL CONTINUANCE
171
Definition of “federal continuance”
172
Statement of intent to apply for federal continuance
173
Authorization of application
174
Certificate of discontinuance
175
No reimbursement of levies paid
12
ATLANTIC CENTRAL
176
Carrying on business as a federation
177
Membership in Atlantic Central is compulsory
178
Limit of liability of member credit unions
179
Member credit unions bound by articles and by-laws
180
Purposes
181
Powers
182
Limitation on powers
183
Information to be provided to Superintendent
184
Levies
185
Shares
186
Information to be provided
13
NEW BRUNSWICK CREDIT UNIONDEPOSIT INSURANCE CORPORATION
Division ALegal Status, Purposes and Powers
187
Application
188
Agent of Crown
189
Purposes of the Corporation
190
Powers and duties of the Corporation
191
By-laws
Division B Deposit Protection Fund
192
Deposit protection fund
193
Annual levies
194
Analysis of deposit protection fund
195
Notice to Commission of impairment of deposit protection fund
196
Notice to Minister of impairment of deposit protection fund
197
Impairment levy
198
Issue of debentures
199
Redemption of debentures
200
Investment policy
201
Deposit insurance
202
Interest of Superintendent
Division C Financial matters
203
Fiscal year
204
Annual report
205
Audit
Division D Board of Directors
206
Directors
207
Chair
208
Removal from office
209
Vacancy or temporary absence
210
Secretary, officers
211
Quorum
212
Voting
213
Remuneration and expenses of directors
Division EGeneral
214
Government loans and guarantees
215
Prohibition on advertising
14
COMPLIANCE AND SUPERVISION
216
Inspections, examinations and inquiries by Superintendent
217
Purposes of inspections and examinations
218
Powers re inspections, examinations and inquiries
219
Removal of documents
220
Report re inspection or examination
221
Response
222
Costs
223
Orders of Superintendent
224
Interim orders by Superintendent
225
Definition of “supervisor”
226
Supervision of a credit union
227
Term of supervision
228
Report of supervisor
229
Powers of supervisor
230
Duty of supervisor on liquidation
231
Application to Court for direction
232
Accounting to Superintendent
233
Discharge
15
INVESTIGATIONS
234
Provision of information to Superintendent
235
Investigation order
236
Powers of investigator
237
Power to compel evidence
238
Investigators authorized as peace officers
239
Seized property
240
Report of investigation
241
Prohibition against disclosure
242
Non-compellability
16
REMEDIES, OFFENCES AND PENALTIES
243
Definitions
244
Application to Court re derivative action
245
Application to Court by complainant
246
Application, action or intervention stayed or dismissed
247
Costs
248
Application to Superintendent for rectification
249
Compliance or restraining order
250
Application for direction
251
Appeal
252
No stay of decision or order
253
Offences generally
254
Misleading or untrue statements
255
False or misleading advertisement
256
Interim preservation of property
257
Orders in the public interest
258
Administrative penalty
259
Directors and officers
260
Resolution of administrative proceedings
261
Limitation period
262
Prosecutions generally
263
Action at instance of Superintendent
17
GENERAL
264
Powers of the Superintendent
265
Information to be provided to the Corporation
266
Notice sent by credit union
267
Notice to and service on credit union
268
Waiver of notice
269
Certificate of Superintendent
270
Certificate of credit union
271
Copies
272
Verification and authentication
273
Certificate
274
Alteration to notice or document
275
Corrections
276
Examination of documents
277
Form of records or documents of Superintendent
278
Forms
279
Review of Act
280
Costs and expenses re administration of Act and regulations
281
Conflict with the Right to Information and Protection of Privacy Act
282
Administration
283
Regulations and rules
284
Notice and publication of rules
285
Changes by Secretary of the Commission
286
Consolidated rules
18
TRANSITIONAL AND SAVING PROVISIONS
Credit Unions
287
Definition of “former Act”
288
Continuance of credit unions
289
Directors and officers of credit unions
290
Articles
291
By-laws
292
Shares
293
Effect of continuance
294
Decisions
295
Supervision
296
Exemptions
Stabilization Board
297
Definitions
298
Dissolution of stabilization board
299
Board of directors of the stabilization board
300
By-laws revoked
301
Agreements re transfer of assets of stabilization board
302
Transfers of debts and other liabilities to the Corporation
303
Legal proceedings
304
Obligations transferred to the Commission
305
Interim orders by stabilization board
306
Immunity
New Brunswick Credit Union Deposit Insurance Corporation
307
Continuation of the Corporation
308
Effect of continuance
309
By-laws of the Corporation
310
Revocation of appointments of directors of the Corporation
311
Transitional assessments
19
CONSEQUENTIAL AMENDMENTS, REPEAL AND COMMENCEMENT
312
Regulation under the Business Corporations Act
313
Financial and Consumer Services Commission Act
314
Regulation under the Limited Partnership Act
315
Regulation under the Partnerships and Business Names Registration Act
316
Right to Information and Protection of Privacy Act
317
Repeal of the Credit Unions Act
318
Repeal of regulations under the Credit Unions Act
319
Commencement
SCHEDULE A