(as introduced)

2nd Session, 60th General Assembly
Nova Scotia
56 Elizabeth II, 2007

Government Bill

Credit Union Act

The Honourable Angus MacIsaac
Acting Minister responsible for the Credit Union Act

First Reading: November 30, 2007

(Explanatory Note)

Second Reading: December 4, 2007

Third Reading: December 10, 2007 (LINK TO BILL AS PASSED)

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Explanatory Note

This Bill removes the restriction in the Credit Union Act that prohibits a director or officer of a credit union or The Credit Union Central of Nova Scotia from being a board member of the Nova Scotia Credit Union Deposit Insurance Corporation unless at least two years has passed since the person ceased to be a director or officer.

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An Act to Amend Chapter 4
of the Acts of 1994,
the Credit Union Act

Be it enacted by the Governor and Assembly as follows:

1 (1) Clause 160(1)(b) of Chapter 4 of the Acts of 1994, the Credit Union Act, is repealed and the following clauses substituted:

(2) Subsection 160(3) of Chapter 4 is amended by adding ", (ba)" immediately after "(b)" in the first and in the fourth lines.

2 This Act comes into force on such day as the Governor in Council orders and declares by proclamation.

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