NEWFOUNDLAND REGULATION 1/99

Co-operative Societies Regulations (Amendment)
under the
Co-operative Societies Act

(Filed January 4, 1999)

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

Dated at St. John's, December 29, 1998.

Ernest McLean
Minister of Government Services and Lands

REGULATION

Analysis

        1.   S.43 Amdt.
Loans

CNR 956/96
as amended

        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 (1) Paragraph 43(4)(c) of the Co-operative Societies Regulations is repealed and the following substituted: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      (2) Paragraphs 43(4)(g), (h) and (i) of the regulations are repealed and the following substituted: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 union's 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.

©Earl G. Tucker, Queen's Printer