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

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 Subsection 8(1) of the Credit Union Deposit Guarantee Corporation Regulations is repealed and the following substituted: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