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Newfoundland Regulation 1999
Co-operative Societies Regulations (Amendment)
(Filed January 4, 1999)
Under the authority of section 72 of the Co-operative Societies Act, I make the following regulation.
††††††† 1.†† S.43
††††††† 1. (1) Paragraph 43(4)(c) of the Co-operative Societies Regulations is repealed and the following substituted:
†††††††††††† (c)† compliance with the equity standard as set out in subsections 47(1) and (2);
††††† (2) Paragraphs 43(4)(g), (h) and (i) of the regulations are repealed and the following substituted:
†††††††††††† (g)† a credit union approved for commercial lending shall apply to the registrar for a limit of the amount of commercial loans that the credit union may grant and have outstanding at any time;
†††††††††††† (h)† the value of commercial loans granted by a credit union and outstanding at any time shall be within the amount approved by the registrar and shall not exceed 25% of the credit unionís assets;
††††††††††††† (i)† a commercial loan to any one member shall not exceed 2% of the total loans portfolio; and
††††††††††††† (j)† other criteria as the Minister of Government Services and Lands may direct.
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