NEWFOUNDLAND AND LABRADOR REGULATION 20/22

NEWFOUNDLAND AND LABRADOR
REGULATION 20/22

Credit Union Regulations, 2009 (Amendment)
under the
Credit Union Act, 2009

(Filed April 13, 2022)

Under the authority of section 193 of the Credit Union Act, 2009 I make the following regulations.

Dated at St. John’s, April 13, 2022.

Sarah Stoodley
Minister of Digital Government and
Service Newfoundland and Labrador

REGULATIONS

Analysis

NLR 56/09
as amended

1. Subsection 18(3) of the Credit Union Regulations, 2009 is repealed and the following substituted:

(3) Where a member of the committee or a family member of a committee member or where a director or a family member of a director has applied for a loan, the committee member or director shall not be present during the portion of the meeting where that loan is being considered.

2. Paragraph 30(1)(b) of the regulations is amended by deleting the words "he or she" and substituting the words "the guarantee corporation".

3. (1) Subsection 40(6) of the regulations is repealed and the following substituted:

(6) The minister shall appoint a chairperson from the members appointed under paragraph (1)(a) and (d).

(2) Section 40 of the regulations is amended by adding immediately after subsection (6) the following:

(6.1) The members appointed under subsection (1) shall elect a vice-chairperson from the members appointed under paragraph (1)(a) and (d).

(3) Subsection 40(9) of the regulations is repealed and the following substituted:

(9) The minister shall appoint a chief executive officer to direct the operations of the guarantee corporation and who shall report to the chairperson of the board.

(4) Section 40 of the regulations is amended by adding immediately after subsection (9) the following:

(9.1) Notwithstanding subsection (9), the individual holding the position of chief executive officer at the time of the coming into force of subsection (9) shall continue as chief executive officer until reappointed or replaced in accordance with subsection (9).