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Newfoundland and Labrador
Union Regulations, 2009 (Amendment)
(Filed October 30, 2015)
Under the authority of section 193 of the Credit Union Act, I make the following regulations.
1. Paragraph 2(b) of Credit Union Regulations, 2009 is repealed and the following substituted:
(b) "commercial loan" means a loan by a credit union to a business whether it be to a person, a partnership, co-operative, or corporation or another organized body that is engaged in the sale of goods and services, or the development or production for sale of goods and services where
(i) the loan is secured by the assets of the business and assigned to the benefit of the credit union, or
(ii) the repayment of the loan is primarily dependent on the business
but does not include a personal loan which is made to an individual who is self-employed;