NEWFOUNDLAND REGULATION 28/98

Credit Union Deposit Guarantee Corporation
Regulations (Amendment)
under the
Co-operative Societies Act

(Filed February 10, 1998)

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

Dated at St. John's, February 10, 1998.

Ernest McLean
Minister of Government Services and Lands

REGULATIONS

Analysis

        1.   S.4 Amdt.
Directors

        2.   S.10 Amdt.
Guarantee

        3.   S.17 Amdt.
Annual audit

CNR 800/96
as amended

        1. Paragraph 4(1)(d) of the Credit Union Deposit Guarantee Corporation Regulations is repealed and the following substituted:

             (d)  3 members appointed at the discretion of the minister from a list of nominees by the credit union system, to serve for a term of 3 years, unless removed by the minister.

        2. Subsection 10(6) of the regulations is repealed and the following substituted:

             (6)  A credit union which in the opinion of the corporation is in financial difficulty or not in compliance with the Act and regulations may be subject to supervision by the corporation under those terms and conditions that the corporation may require.

        3. Subsection 17(5) of the regulations is repealed and the following substituted:

             (5)  The corporation shall provide each credit union and trade association with a copy of its annual report and audited financial statements.

(Includes March 6, 1998 correction)

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