Cooperative Credit Associations Act

Marginal note:Reliance on statements

338 A liquidator is not liable if the liquidator relies in good faith on

• (a) financial statements of the association represented to the liquidator by an officer of the association, or on a written report of the auditor of the association, to reflect fairly the financial condition of the association; or

• (b) an opinion, a report or a statement of a lawyer, a notary, an accountant, an appraiser or other professional adviser retained by the liquidator.