Cooperative Credit Associations Act

Marginal note:Policies re security interests

• 383 (1) The directors of an association shall establish and the association shall adhere to policies regarding the creation of security interests in property of the association to secure obligations of the association and the acquisition by the association of beneficial interests in property that is subject to security interests.

• Marginal note:Order to amend policies

  (2) The Superintendent may, by order, direct an association to amend its policies as specified in the order.

• Marginal note:Compliance

  (3) An association shall comply with an order made under subsection (2) within the time specified in the order.