This is an official version.

Copyright © 2006: Queen’s Printer,
St. John's, Newfoundland and Labrador, Canada

Important Information
(Includes details about the availability of printed and electronic versions of the Statutes.)

Newfoundland Regulation 1996


NEWFOUNDLAND REGULATION 110/96

NEWFOUNDLAND REGULATION 110/96

Credit Union Deposit Guarantee Corporation
Regulations (Amendment)

under the
Co‑operative Societies Act

(Filed December 17, 1996)

Under the authority of section 72 of the Co‑operative Societies Act, I make the following regulations.

Dated at St. John's, December 16, 1996.

Ernest McLean
Minister of Government Services and Lands

REGULATION

Analysis


        1.   S.8 Amdt.
Annual assessment

        2.   Commencement


CNR 800/96
as amended

        1. Subsection 8(1) of the Credit Union Deposit Guarantee Corporation Regulations is repealed and the following substituted:

Annual assessment

        8. (1) The corporation shall annually assess and levy on each credit union an amount not less than

             (a)  1/6 of 1% of its total insured deposits where a credit union has achieved a capital adequacy reserve of 5% as required under section 47 of the Co‑operative Societies Regulations; and

             (b)  1/5 of 1% of its total insured deposits where a credit union has not achieved a capital adequacy reserve of 5% as required under section 47 of the Co‑operative Societies Regulations.

Commencement

        2. These regulations shall come into force on January 1, 1997.