Credit Union Act (amended)

BILL NO. 52

(as introduced)

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

Government Bill

Credit Union Act
(amended)

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)

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.

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1 (1) Clause 160(1)(b) of Chapter 4 of the Acts of 1994, the Credit Union Act, is repealed and the following clauses substituted:

(b) an employee of a credit union or the Central;

(ba) a director or officer of a credit union or the Central;

(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.

This page and its contents published by the Office of the Legislative Counsel, Nova Scotia House of Assembly, and © 2007 Crown in right of Nova Scotia. Created December 18, 2007. Send comments to legc.office@novascotia.ca.

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