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Newfoundland Regulation 1999


NEWFOUNDLAND REGULATION 1/99

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 (1) Paragraph 43(4)(c) of the Co-operative Societies Regulations is repealed and the following substituted: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††††† (2) Paragraphs 43(4)(g), (h) and (i) of the regulations are repealed and the following substituted: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