Modernizing the Credit Unions and Caisses Populaires Act

PART XIV
DEPOSIT INSURANCE CORPORATION OF ONTARIO

Corporation continued

      249. (1) The corporation known in English as the Ontario Share and Deposit Insurance Corporation and in French as Société ontarienne d'assurance des actions et dépôts is continued as a corporation without share capital under the name, in English, of the Deposit Insurance Corporation of Ontario and, in French, Société ontarienne d'assurance-dépôts.

Application

      (2) The Corporations Act does not apply to the Corporation.

Corporation members

      (3) Repeal

Board of directors

      250. (1) The board of directors of the Corporation consisting of not more than eleven nine persons shall be appointed by the Lieutenant Governor in Council.

Qualification

      (2) A person is qualified to be a member of the board of directors if the person possesses, by virtue of education, training or experience, the expertise to perform the duties of a member of the board.

Disqualification

      (2.1) A person is disqualified to be a member of the board of directors if the person is a director, officer or employee of a credit union.

Chair

      (3) The Lieutenant Governor in Council shall appoint a person to be the chair.

Same

      (4) The board of directors may appoint a director as vice-chair.  1994, c. 11, s. 250.

Term of office

      251. (1) The members of the board of directors shall hold office for such term as the Lieutenant Governor in Council considers appropriate.

Removing director

      (2) The Lieutenant Governor in Council may remove any person from the board at any time.  1994, c. 11, s. 251.

Duties of board

      252. (1) The board of directors of the Corporation shall manage or supervise the management of the affairs of the Corporation and shall perform additional duties as may be imposed under this Act, the regulations or the by-lawssuch additional duties as may be imposed under this Act, prescribed by the regulations or imposed by the by-laws.

Chair to preside

      (2) The chair shall preside at all meetings of the Corporation but, if at any meeting the chair is absent, the vice-chair shall preside, and if neither the chair or vice-chair is present, one of the directors present at the meeting who is chosen so to act by the directors present shall preside and has and shall exercise the powers of the chair.

Secretary and treasurer

      (3) The board of directors may appoint a secretary and a treasurer.

Quorum

      (4) A majority of the members of the board of directors constitutes a quorum.

Travelling expenses

      (5) A member of the board of directors shall be paid by the Corporation out of its income all reasonable travelling and living expenses incurred by the member while absent from his or her ordinary place of residence in the course of his or her duties as a director.

Remuneration

      (6) A member of the board of directors may be paid by the Corporation out of its income as remuneration for his or her services and duties such daily or other amount as may be fixed by the board and reported to its members in its annual report.

Same

      (7) The board shall report its total expenses and total remuneration for the year in the annual report.  1994, c. 11, s. 252.

No liability for acts in good faith 

      253. (1) No action or other proceeding for damages shall be instituted against the Corporation, or anyone acting under the authority of the Corporation, for any act done in good faith in the execution or intended execution of a duty of the Corporation or for any neglect or default in the execution, in good faith, of that duty.

Obligation remains

      (2) Subsection (1) does not apply to relieve the Corporation from the obligation to make payment in respect of a deposit insured under this Act.  1994, c. 11, s. 253.

Keeping books

      254. The Corporation shall,

         (a)    keep books of account in a form and manner that facilitates the preparation of its financial statements and other financial reports in accordance with generally accepted accounting principles; and

         (b)    prepare its annual financial statements in accordance with generally accepted accounting principles and the regulations any prescribed requirements.  1994, c. 11, s. 254.

Auditor

      255. (1) The board of directors of the Corporation shall appoint one or more auditors licensed under the Public Accounting Act, 2004 to audit the financial statements of the Corporation for each fiscal year.

Minister-directed audit

     (2) The Minister may, at any time, appoint one or more auditors licensed under the Public Accounting Act, 2004 to audit any aspect of the affairs of the Corporation or request the Auditor General to make such an audit.

Co-operation with Minister-directed audit

     (3) The directors, officers and employees of the Corporation shall co-operate with and assist the persons performing an audit under subsection (2).

Annual report

      256. (1) The Corporation shall, within four months after the end of each fiscal year, send to every credit union and the Minister an annual report on its activities in that year.

What included

      (2) The annual report shall include the financial statements of the Corporation, the auditor's report on those statements and such other matters as may be prescribed.

Annual examination of Superintendent

      257. (1) Repeal

Furnish information

      258. Repeal

Tabling of annual reports

      259. The Minister shall lay the annual report of the Corporation before the Legislative Assembly if it is in session or, if not, at the next session.

Information to Minister

      260. (1) The Corporation shall provide the Minister with such information relating to its activities, operations and financial affairs as the Minister may request.

Same

      (2) At least once each year the Corporation shall advise the Minister about the credit union sector and the adequacy of the Deposit Insurance Reserve Fund and about any matters that concern or can reasonably be expected to concern the Minister in the exercise of his or her responsibilities.

Objects

      261.  The objects of the Corporation are to,

         (a)    provide insurance against the loss of part or all of deposits with credit unions;

         (b)    promote and otherwise contribute to the stability of the credit union sector in Ontario with due regard to the need to allow credit unions to compete effectively while taking reasonable risks;

         (c)    pursue the objects set out in clauses (a) and (b) for the benefit of persons having deposits with credit unions and in such manner as will minimize the exposure of the Corporation to loss;

         (d)    collect, accumulate and publish such statistics and other information related to credit unions as may be appropriate;

         (e)    perform the duties provided under this Act or the regulations or do anything the Corporation is required or authorized to do under this Act or the regulations; and

          (f)    carry out such other objects as the Minister may specify in writing or as may be prescribed

Ancillary powers

      262. (1) The Corporation may do all things necessary or incidental to its objects and in particular, but without limiting the generality of the foregoing, the Corporation may, in furtherance of its objects,

         (a)   Repeal (moved to s. 276(2))

         (b)    provide, in its discretion, financial assistance for the purpose of,

                 (i)    assisting a credit union under administration in its continued operation, or

                 (ii)    assisting in the orderly winding up of the operations of a credit union;

         (c)    make an advance or grant for the purpose of paying lawful claims against a credit union in respect of any claims of its members for withdrawal of deposits;

         (d)   Repeal

         (e)   Repeal

          (f)   Repeal

         (g)    acquire assets or assume the liabilities of credit unions;

         (h)   Repeal

          (i)    with the approval of the Minister, require the payment of special levies by credit unions for the purpose of establishing and maintaining the assets of the Corporation;

          (j)    accept powers conferred on it under the Canada Deposit Insurance Corporation Act;

         (k)   Repeal

          (l)    with the approval of the Minister, borrow money,

                        (i)    on the credit of the Corporation,

                       (ii)    on bills of exchange or promissory notes drawn, made, accepted or endorsed by or on behalf of the Corporation, or

                     (iii)    by the issue of debentures;

        (m)    acquire, hold, improve and alienate real and personal property;

         (n)    declare and pay premium rebates to credit unions;

         (o)    act as the supervisor, administrator or liquidator of a credit union;

         (p)    appoint an agent;

         (q)    insure any liability of the Deposit Insurance Reserve Fund Corporation with one or more insurers;

          (r)    advise the Superintendent of any adverse implications of proposed new charters;

          (r.1)    collect or disclose information concerning a credit union; and

         (s)    do all such other things, not contrary to this Act, as may be necessary for the exercising of any of the powers of the Corporation;

          (t)   Repeal

         (u)   Repeal

Same

      (2) The Corporation may attach conditions to financial assistance provided under clause (1) (b) and, without limiting the form in which such financial assistance may be provided, the Corporation may provide such financial assistance by,

         (a)    purchasing securities of a credit union;

         (b)    making or guaranteeing loans, with or without security, or advances to or deposits with a credit union;

         (c)    taking security for loans or advances to a credit union; or

         (d)    guaranteeing the payment of the fees of, and the costs incurred by, a liquidator of a credit union

Subrogation

      (3) If the Corporation makes an advance under clause (1) (c), it is subrogated as an unsecured creditor for the amount of the advance.

Membership

      (4) If the Corporation holds membership shares of a credit union, the Corporation is a member of the credit union and has the rights and benefits of a member.

Payment under guarantee

      (5) Repeal

Pledging assets

      (6) For the purposes of clause (1) (l), the Corporation may pledge as security all or any part of its assets.  1994, c. 11, s. 262 (2-6).

Delegation of powers and duties

      (7) The Corporation may, subject to the conditions that the Corporation considers appropriate, delegate in writing to any officer or employee of the Corporation the exercise of any power or the performance of any duty that this Act confers on or assigns to the Corporation and all acts done and decisions made under the delegation are as valid and effective as if done or made by the Corporation.

Subsidiaries

      263. The Corporation may, with the approval of the Minister, establish and acquire subsidiaries.  1994, c. 11, s. 263.

Powers and Duties of Corporation

By-laws

      264. Subject to the approval of the Lieutenant Governor in Council, the Corporation may make by-laws,

         (a)    for the administration, management and control of the property and affairs of the Corporation;

         (b)    setting out the functions, duties and remuneration of all officers, agents and employees of the Corporation;

         (c)    for the appointment or disposition of any special committees from time to time created by the Corporation;

         (d)    governing the appointment of an auditor;

         (e)    adopting the seal of the Corporation;

          (f)    governing the time and place for the holding of meetings of the board of directors and the procedure in all things at such meetings;

         (g)    prescribing standards of sound business and financial practices for credit unions;

         (h)    Repeal

          (i)    defining the expression "deposit" for the purpose of deposit insurance;

          (j)    authorizing, controlling and requiring the use by credit unions of marks, signs, advertisements or other devices indicating that deposits with credit unions are insured by the Corporation;

         (k)    governing the conduct, in all particulars, of the affairs of the Corporation; and

          (l)    governing the declaration and payment of premium rebates; and

        (m)   Repeal

Powers of investigation

      265.Repeal

Prohibition as to holding out insured

      266. Repeal

Advertising

      267. Repeal

Fiscal year

      268. The fiscal year end of the Corporation is the 31st day of December in each year. 1994, c. 11, s. 268.

Investment of funds

      269. The Corporation may, in its discretion, invest any funds not required in carrying out its objectives in such investments as are prescribed and subject to such restrictions as are prescribed.  1994, c. 11, s. 269.

DEPOSIT INSURANCE

Insurance of deposits with credit unions

      270. (1) Subject to subsection (2), the deposits with every credit union are insured by the Corporation in accordance with this Act and the by-laws of the Corporation except if the deposit insurance of a credit union is cancelled under section 274.

Exceptions

      (2) The following are not insured:

         1.    A deposit that is not payable in Canada or not in Canadian currency.

         2.    The amount of any one deposit that exceeds a prescribed amount

Conditions on deposit insurance

      (3) The deposit insurance of a credit union is subject to the prescribed conditions and any other conditions imposed by the Corporation under subsection (4).

Conditions imposed by notice

      (4) The Corporation may impose conditions on the deposit insurance of a credit union, or amend such conditions, at any time by written notice to the credit union.

Certificate

      (5) The Corporation shall issue a certificate of deposit insurance to every credit union whose deposits the Corporation insures.

Insurance continues after member withdraws, etc.

      (6) For greater certainty, the obligation to insure a deposit of a member of a credit union continues after the member withdraws or is expelled.

Shares not insurable

      (7) The shares of a credit union are not insurable by the Corporation.

Payment for insured deposits

     270.1 (1) The Corporation has an obligation to make payment in respect of any deposit insured by the Corporation if,

     (a) the members of the credit union that holds the deposit pass a resolution for the voluntary liquidation and dissolution of the credit union;

     (b) the credit union becomes a bankrupt under the Bankruptcy and Insolvency Act (Canada) or a liquidator is appointed for the credit union under this Act or the Winding-Up and Restructuring Act (Canada)

     (c) the Corporation is satisfied that the credit union will be unable to make payment in full, without delay, in respect of any deposits insured by deposit insurance;

     (d) the deposit insurance of the credit union that holds the deposit is cancelled; or

     (e) the Corporation, as administrator, requires the credit union to be wound up under subparagraph iii of paragraph 6 of subsection 295 (1).

Payment to person apparently entitled

      (2) The Corporation, if it is obliged to make payment in respect of any deposit insured by deposit insurance, shall make payment to the person who appears entitled to the payment by the records of the credit union.

Amount of payment

      (3) The Corporation may pay,

     (a) the amount of the deposit according to the terms of the deposit, or

     (b) before maturity of the deposit, an amount equal to the principal of the deposit and the accrued and unpaid interest on the deposit on the day it is paid.

Withholding to cover lien

      (4) If the credit union has a lien on a deposit under section 44, the Corporation may withhold payment of an amount equal to the amount of the lien and pay that amount to the liquidator of the credit union.

Withholding of amount held as security

      (5) If the credit union held a deposit as security for a loan, the Corporation may withhold payment of an amount necessary to repay the loan and pay that amount to the liquidator of the credit union.

Discharge of liability

      (6) Payment, under this section, by the Corporation in respect of any deposit insured by deposit insurance discharges the Corporation from all liability in respect of that deposit, and in no case is the Corporation under any obligation to see to the proper application of the payment made.

Subrogation

      (7) If the Corporation makes a payment under this section in respect of any deposit with a credit union, the Corporation is subrogated to the extent of the payment made to all the rights and interest of the depositor as against that credit union.

Assignment

      (8) If the Corporation considers it advisable, it may withhold payment in respect of any deposit with a credit union until the Corporation has received a written assignment of all the rights and interests of the depositor against that credit union.

Agreement to administer payments

      (9) The Corporation may enter into a deposit administration agreement with a financial institution under which that financial institution agrees to make the payments under this section on behalf of the Corporation.

Insurance of deposits with amalgamating credit unions

     271.1 (1) This section applies to the deposits of a person who has deposits with two or more credit unions that amalgamate and continue in operation as one credit union.

     (2) A deposit with an amalgamating credit union on the day on which the amalgamated credit union is formed, less any withdrawals from the deposit, is, for the purpose of deposit insurance with the Corporation, separate from a deposit of the same person on that day with another amalgamating credit union that became part of the amalgamated credit union.

Deposits with amalgamated credit union

     (3) A deposit made by a person referred to in subsection (2) with an amalgamated credit union after the day on which the amalgamated credit union is formed is insured by the Corporation only to the extent that the aggregate of that person's deposits with the amalgamated credit union, exclusive of the deposit in respect of which the calculation is made, is less than a prescribed amount.

If undertaking acquired

     (4)  For the purpose of deposit insurance with the Corporation, if one credit union acquires the undertaking and assets of another credit union, those credit unions are considered to be amalgamating credit unions. 1994, c. 11, s. 271.

Preparatory examination

      272. (1) The Corporation may examine the books, records and accounts records and documents of the credit union if the Corporation believes that a payment by the Corporation under this Act in respect of a deposit held by a credit union is imminent and that it is in the best interest of both the depositors with the credit union and the Corporation to make early preparations for the payment.

Same

      (2) The examination may be made by a person designated by the Corporation.

Examination powers

      (3) Section 229 applies, with necessary modifications, with respect to an examination under this section

Application to receivers and liquidators

      (3) Under clause 229 (4) (b) as it applies under subsection (3), the person conducting the examination may also require a receiver or liquidator to provide information and explanations.

Insuring credit unions

      273 Repeal

Cancellation of deposit insurance

      274. (1) The deposit insurance of a credit union may be cancelled on not less than thirty days notice to the credit union by the Corporation when,

         (a)    the credit union is in breach of the standards of business and financial practices prescribed by the Corporation or any conditions of a policy of deposit insurance issued to it its deposit insurance;

         (b)    the credit union ceases to accept deposits;

         (c)    an order has been made appointing the Corporation or another person as the liquidator of the credit union; or

         (d)    the credit union fails to pay its deposit insurance premiums. or

         (e)    the Corporation determines, on reasonable grounds, that the credit union is unable to meet its obligations as they come due.

Effect of cancellation

      (2) If the deposit insurance of a credit union is cancelled by the Corporation, the deposits with the credit union on the day the cancellation takes effect, less any withdrawals from those deposits, continue to be insured for a period of two years or, in the case of a term deposit with a remaining term exceeding two years, to the maturity of that term.

Notification to depositors

      (3) If the deposit insurance of a credit union has been cancelled, the credit union shall notify its depositors of that fact and shall stop accepting deposits from the date of cancellation.

Public notice

      (4) The Corporation may, in the manner it considers expedient, give public notice of the cancellation of deposit insurance of a credit union if, in the opinion of the Corporation, the public interest requires that notice be given.  1994, c. 11, s. 274 (1-4).

Notice to Superintendent, league

      (5) The Corporation shall give the Superintendent and the league for the credit union written notice of the cancellation of deposit insurance.

Prohibition, advertising, holding out as insured

      274.1 (1) Except as allowed under this section, no person shall, by written or oral representations, advertise or hold out any entity as being insured by the Corporation.

Advertisement, etc. by credit union or league

      (2) A credit union may advertise or hold out that it is insured and a league may advertise or hold out that its members are insured if the advertising or holding out is by marks, signs, advertisements or other devices authorized by the by-laws of the Corporation and used in the manner and on the occasions set out by the by-laws.

Stabilization Fund and Annual Premium
DEPOSIT INSURANCE RESERVE FUND AND PREMIUMS

Stabilization fund

      275. Repeal

Deposit Insurance Reserve Fund

      276. (1) The Corporation shall maintain a fund, called the Deposit Insurance Reserve Fund, and shall credit to it all premiums received by the Corporation.  1994, c. 11, s. 276 (1).

Annual premiums

      (2)  The Corporation shall, within 120 days after the start of each fiscal year of a credit union, establish for, assess and collect from the credit union an annual premium, under prescribed conditions, to meet its administrative costs, insurance funding and the administrative costs of stabilization authorities. 2001, c. 8, s. 30.

      1.  Deposit insurance claims.

      2.  The costs associated with the continuance or orderly winding up of credit unions in financial difficulty.

      3.  Financial assistance provided under clause 262 (1) (b).

      4.  The costs of the Corporation.

Same

      (3) The Corporation has the power to manage and invest the money in the Deposit Insurance Reserve Fund and may disburse money from the Fund for anything under subsection (2).

Same

      (4) Repeal (moved to s. 319.1)

Limitation

      (5) Repeal (moved to s. 319.1)

Annual premiums

      276. (1) Within 120 days after the start of a credit union's financial year, the Corporation shall do the following:

     1. Determine the credit union's annual premium for that financial year in accordance with the regulations.

     2. Collect the annual premium determined under paragraph 1.

Deposit of premiums

     (2) The Corporation shall credit the annual premiums to the Deposit Insurance Reserve Fund.

Overdue charges premiums

      277. The Corporation may charge interest at a rate equal to the rate prescribed under subsection 161 (1) of the Income Tax Act (Canada) plus 2 per cent on the unpaid amount of any premium instalment that is not paid on or before the due date of that instalment.  1994, c. 11, s. 277.

Deferral of premiums

      278. The Corporation may, upon such conditions as it may direct, remit or defer the collection of, or cacel, all or part of an annual premium assessed by the Corporation. 1994, c. 11, s. 278.

Annual examination of credit unions

      279. Repeal

Examination of leagues

      280. Repeal

Contents of examiner's report

      281. Repeal

Stabilization Authorities
SUPERVISION

Stabilization authority for credit unions

      282. Repeal

 

Designation

      283. Repeal

Duration of designation

      284. Repeal

Supervision by stabilization authority

      285. Repeal

Supervision by Corporation

      (2) The Corporation may order a credit union subject to the supervision of the Corporation in any of the following circumstances:

           1.    The credit union asks, in writing, that it be subject to supervision.

           2.    The credit union is not in compliance with prescribed capital or liquidity requirements.

           3.    TThe Corporation, on reasonable grounds, believes that the credit union is conducting its affairs in a way that might be expected to harm the interests of members or depositors or that tends to increase the risk of claims by depositors against the Corporation.

           4.    The credit union or an officer or director of it does not file, submit or deliver a report or document required to be filed, submitted or delivered under this Act within the time limited under this Act.

           5.    The credit union has failed to comply with an order of the Superintendent and the Superintendent has requested, in writing, that the credit union be subject to supervision.

           6.    The credit union has failed to comply with an order of the Corporation.

Interpretation

      (3) For the purposes of paragraph 2 of subsection (2), a variation under section 86 does not bring a credit union into compliance with prescribed capital and liquidity requirements.

Release

      (4) The credit union remains subject to supervision until,

         (a)    the credit union is being wound up or placed under administration; or

         (b)    the Corporation rescinds the order that the credit union be subject to supervision.

Procedural rules

      (6) Section 240.1 applies with respect to an order under this section.

Appeal to Tribunal

      (7) The credit union that is subject to an order under this section may appeal the order to the Tribunal in accordance with section 240.4.

Exception, if order at credit union's request

      (8) Subsections (6) and (7) do not apply if the order is made after the credit union asks, in writing, that it be subject to supervision as described in paragraph 1 of subsection (2).

Appeal

      286. Repeal

Powers of stabilization authority

      287. Repeal

Approval of by-laws

      288. Repeal

Powers when credit union supervised

      289. (1) If a credit union is subject to the supervision of the Corporation, the Corporation may,

         (a)    order the credit union to correct any practices that the authority Corporation feels are contributing to the problem or situation that caused the credit union to be ordered subject to its supervision;

         (b)    order the credit union and its directors, committee members, officers and employees to not exercise any powers of the credit union or of its directors, committee members, officers and employees;

         (c)    establish guidelines for the operation of the credit union;

         (d)    order the credit union not to declare or pay a dividend or to restrict the amount of a dividend to be paid to a rate or amount set by the authority;

         (e)    Repeal

          (f)    attend meetings of the credit union's board and its credit and audit committee; and

         (g)    propose by-laws for the credit union and amendments to its articles of incorporation.

Exception

      (2) Repeal

Approval of by-laws, etc.

      (3) No by-law, policy or resolution relating to the business, affairs or management of a credit union passed or made by the board during the time the credit union is subject to supervision is of any effect until approved in writing by the Corporation.

Same

      (4)  Repeal

Enforcement

      (5) If a credit union fails to comply with an order of the Corporation under this section, the Corporation may apply to the court for,

      (a) an order directing compliance with the Corporation's order; or

      (b) such other order as the court considers appropriate.

Expenses of Corporation

      290. The Corporation may require a credit union to pay the expenses of and disbursements by the Corporation in supervising the credit union.

No liability for acts in good faith

      291. Repeal

Revoking designation

      292. Repeal

When designation revoked

      293. Repeal

Administration

Administration by Corporation

      294. (1) The Corporation may order a credit union subject to administration by the Corporation in any of the following circumstances:

           1.    The Corporation, on reasonable grounds, believes that the credit union is conducting its affairs in a way that might be expected to harm the interests of members, depositors or shareholders or that tends to increase the risk of claims against the deposit insurer, but that supervision by a stabilization authority would, in this case, not be appropriate.

           2.    The credit union has failed to comply with an order of the Corporation made while the credit union was subject to the supervision of the Corporation.

           3.    The Corporation is of the opinion that the assets of the credit union are not sufficient to give adequate protection to its depositors.

           4.    The credit union has failed to pay any liability that is due or, in the opinion of the Corporation, will not be able to pay its liabilities as they become due.

           5.    After a general meeting and any adjournment of no more than two weeks, the members of the credit union have failed to elect the minimum number of directors required under subsection 93 (2).

           5.1.    If a vacancy occurs in the board of the credit union resulting in there not being a quorum of directors in office and a general meeting is not called promptly as required under subsection 97 (2).

           6.    TThe Superintendent has made an order under section 240.

Procedural rules

      (2) Section 240.1 applies with respect to an order under this section.

Appeal to court

      (3) The credit union that is subject to an order under this section may appeal the order to the court, within seven days after receiving the order, upon a question of law only.

Notice of appeal

      (4) Repeal

Evidence

      (5) Repeal

Hearing

      (6) Repeal

Corporation represented

      (7) Repeal

Decision

      (8) Repeal

Result

      (9) Repeal

Revocation of order

      (10) Repeal

Administrator's powers

      295. (1) As an administrator, the Corporation may exercise the following powers:

           1.    Carry on, manage and conduct the operations of a credit union.

           2.    Preserve, maintain, realize, dispose of and add to the property of a credit union.

           3.    Receive the income and revenues of the credit union.

           4.    Exercise the powers of the credit union and of the directors, officers and committees.

           5.    Exclude the directors of the credit union and its officers, committee members, employees and agents from the property and business of the credit union.

           6.    Require the credit union to,

                          i.    amalgamate, by requiring the credit union to enter into an amalgamation agreement under section 310,

                         ii.    dispose of its assets and liabilities, or

                       iii.    be wound up.

Same

      (2) In exercising its powers under paragraph 6 of subsection (1), the administrator does not require the consent of the members or shareholders of a credit union.

Same

      (3) If the administrator causes a credit union to be wound up, the wind-up shall proceed as a voluntary wind-up under section 298.

Release from administration

      (4) The Corporation may release a credit union from administration on such conditions as the Corporation may impose.  1994, c. 11, s. 295.

Expenses of Corporation

      295.1. The Corporation may require a credit union to pay the expenses of and disbursements by the Corporation in administering the credit union.

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