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Copyright © 2012: Queen's Printer,
Newfoundland and Labrador
Credit Union Regulations, 2009 (Amendment)
(Filed December 20, 2012)
Under the authority of section 193 of the Credit Union Act, 2009, I make the following regulations.
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.