NEWFOUNDLAND AND LABRADOR REGULATION 94/12

NEWFOUNDLAND AND LABRADOR
REGULATION 94/12

Credit Union Regulations, 2009 (Amendment)
under the
Credit Union Act, 2009

(Filed December 20, 2012)

Under the authority of section 193 of the Credit Union Act, 2009, I make the following regulations.

Dated at St. John's, December 19, 2012.

Nick McGrath
Minister of Service Newfoundland and Labrador

REGULATIONS

Analysis

NLR 56/09
as amended

1. (1) Section 40 of the Credit Union Regulations, 2009 is amended by adding immediately after subsection (1) the following:

(1.1) Where the term of a member of the board expires, he or she continues to be a member until reappointed or replaced.

(2) Section 40 of the regulations is amended by adding immediately after subsection (9) the following:

(10) Notwithstanding subsection (1), at least one half of the members next appointed or reappointed under paragraph (1)(d) following the commencement of this subsection shall be appointed for a term of 2 years and the remainder for a term of 3 years and all subsequent appointments of members to the board under paragraph (1)(d) shall be for a term of 3 years.