Credit Union Regulations
made under Section 257 of the
Credit Union Act
S.N.S. 1994, c. 4
O.I.C. 95-304 (effective January 1, 1995), N.S. Reg. 45/1995
amended to O.I.C. 2020-013 (effective July 1, 2020), N.S. Reg. 5/2020
Table of Contents
Please note: this table of contents is provided for convenience of reference and does not form part of the regulations.
Click here to go to the text of the regulations.
Citation
Definitions
Forms
Credit union name
Administering insurance
Advice regarding insurance
Restriction on promotion of insurance company
Restriction on promotion of insurance policy
Restriction on providing information
Restriction on telecommunications device
Restriction re adjacent premises
Outsourcing of services
Offices
Permanent branch office closures
Unclaimed balances
Payment of prescribed amount on death of a member
Loan policies
Loan requirements and restrictions
Material deposits
Overdrafts
Liquidity reserves and investments
Other investments
Subsidiaries and associated companies
Allowance for impaired accounts
Equity
Matching
Audit committee
Credit committee
Maximum amount of deposit insurance
Liquidity investments by the Central
Other investments by the Central
Periodic review of the Act
Form 1 - Articles of Incorporation
Instructions
Form 2 - Consent to Act as a First Director
Form 3 - Notice of Registered Office
Form 4 - Notice of Change of Registered Office
Form 5 - Notice of Change of Directors
Instructions
Form 6 - Articles of Amendment
Instructions
Form 7 - Restated Articles of Incorporation
Form 8 - Articles of Amalgamation
Form 9 - Articles of Reorganization
Form 10 - Statement of Intent to Dissolve or Revocation of Intent to Dissolve
Instructions
Form 11 - Articles of Dissolution
Instructions
Form 12 - Articles of Revival
Instructions
Form 13 - Certificate
Form 14 - Certificate
Form 15 - Certificate of Dissolution
Form 16 - Offering Statement
Instructions
Form 17 - Statement of Change in Facts
Instructions
Citation
1 These regulations may be cited as the Credit Union Regulations.
Definitions
1A In these regulations
“Act” means the Credit Union Act;
“authorized type of insurance” means
(i) credit or charge-related insurance,
(ii) creditors’ disability insurance,
(iii) creditors’ life insurance,
(iv) creditors’ loss of employment insurance,
(v) creditors’ vehicle inventory insurance,
(vi) export credit insurance,
(vii) group accident and sickness insurance,
(viii) group life insurance,
(ix) mortgage insurance,
(x) personal accident insurance, or
(xi) travel insurance.
“commercial loan” means any credit accommodation made to a member for the
development, production and sale of goods or services where
(i) the credit accommodation is secured by the assets of the member, or
(ii) the repayment of the credit accommodation is primarily dependent upon
the cash flow generated by the member;
“credit or charge card-related insurance” in respect of a credit union means a policy
of an insurance company that provides insurance to the holder of a credit or charge
card issued by the credit union as a feature of the card, without request and without
an individual assessment of risk,
(i) against loss of, or damage to, goods purchased with the card,
(ii) under which the insurance company undertakes to extend a warranty
provided by the manufacturer of goods purchased with the card, or
(iii) against any loss arising from a contractual liability assumed by the
holder when renting a vehicle, when the rental is paid for with the card;
“creditors’ disability insurance” in respect of a credit union means a group insurance
policy that will pay all or part of the amount of a debt of a debtor to the credit union,
in the event of bodily injury to, or an illness or disability of,
(i) the debtor or the spouse of the debtor where the debtor is a natural
person,
(ii) a natural person who is a guarantor of all or part of the debt,
(iii) any director or officer of the body corporate where the debtor is a body
corporate, or
(iv) where the debtor is an entity, any natural person who is essential to the
ability of the debtor to meet the debtor’s financial obligations to the
credit union;
“creditors’ life insurance” in respect of a credit union means a group insurance policy
that will pay to the credit union all or part of the amount of a debt of a debtor or,
where a debt is in respect of a small business, a farm or fishery, all or part of the
amount of the credit limit of a line of credit, in the event of the death of
(i) the debtor or the spouse of the debtor where the debtor is a natural
person,
(ii) a natural person who is a guarantor of all or part of the debt,
(iii) any director or officer of the body corporate where the debtor is a body
corporate, or
(iv) where the debtor is an entity, any natural person who is essential to the
ability of the debtor to meet the debtor’s financial obligations to the
credit union;
“creditors’ loss of employment insurance” in respect of a credit union means a policy
of an insurance company that will pay, without any individual assessment of risk, all
or part of the amount of a debt of a debtor to the credit union in the event that
(i) the debtor, if the debtor is a natural person, becomes involuntarily
unemployed, or
(ii) a natural person who is a guarantor of all or part of the debt becomes
involuntarily unemployed;
“creditors’ vehicle inventory insurance” in respect of a credit union means a policy
of an insurance company that provides insurance against direct and accidental loss or
damage to vehicles that are held in stock for display and sale purposes by a debtor of
the credit union, some or all of which have been financed by the credit union;
“designated rating organization” means a credit rating agency recognized under
Nova Scotia Securities Commission Rule 25-101 (National Instrument 25-101 -
Designated Rating Organizations) made under the Securities Act;
“document” means a document required to be sent to the Superintendent under the
Act;
“export credit insurance” means a policy of an insurance company that provides
insurance to an exporter of goods or services against a loss incurred by the exporter
due to a non-payment for exported goods or services;
“group accident and sickness insurance” in respect of a credit union means a group
insurance policy between an insurance company and the credit union that provides
accident and sickness insurance severally in respect of a group of identifiable persons
who individually hold certificates of insurance;
“group insurance policy” in respect of a credit union means a contract of insurance
between an insurance company and a credit union, that provides insurance severally
in respect of a group of identifiable persons who individually hold certificates of
insurance;
“group life insurance” in respect of a credit union means a group insurance policy
between an insurance company and the credit union that provides life insurance
severally in respect of a group of identifiable persons who individually hold
certificates of insurance;
“group of identifiable persons” in respect of a credit union means the credit union’s
employees, its members and the employees of its subsidiaries;
“insurance company” means an insurer that is licensed to insure risks under the
Insurance Act;
“line of credit” means a commitment on the part of a credit union to lend to a debtor,
without a predetermined repayment schedule, one or more amounts, where the
aggregate amount outstanding does not exceed a predetermined credit limit, which
limit does not exceed the reasonable credit needs of the debtor;
“mortgage insurance” in respect of a credit union means an insurance policy that
provides insurance to the credit union against loss caused by a default on the part of
a debtor who is a natural person under a loan from the credit union that is secured by
a mortgage on real property or on an interest in real property;
“personal accident insurance” means a group insurance policy that provides
insurance to a natural person
(i) where the insurance company undertakes to pay one or more sums of
money in the event of bodily injury to, or the death of, the person that is
caused by an accident, or
(ii) whereby the insurance company undertakes to pay a certain sum for each
day that the person is hospitalized in the event of bodily injury to the
person that is caused by an accident or in the event of an illness or
disability of the person;
“residential property” means real property, the primary use of which is residential,
consisting of a building or buildings used, or to be used, as no more than 4 private
dwellings;
“retail deposit-taking branch” means a branch, located in the Province, of a financial
institution at which a natural person opens retail deposit accounts and disburses cash
to customers on behalf of the institution;
“system credit committee” means a committee established by the Central pursuant to
Section 214 of the Act;
“travel insurance” means
(i) a policy issued by an insurance company that provides insurance to a
natural person in respect of a trip by the person away from the place
where the person ordinarily resides, without any individual assessment of
risk, against
(A) loss that results from the cancellation or interruption of the trip,
(B) loss of, or damage to, personal property that occurs while on the
trip, or
(C) loss that is caused by the delayed arrival of personal baggage while
on the trip, or
(ii) a group insurance policy that provides insurance to a natural person in
respect of a trip by the person away from the province in which the
person ordinarily resides
(A) against expenses incurred while on the trip that result from an
illness or the disability of the person that occurs on the trip,
(B) against expenses incurred while on the trip that result from bodily
injury to, or the death of, the person caused by an accident while on
the trip,
(C) whereby the insurance company undertakes to pay 1 or more sums
of money in the event of an illness or the disability of the person
that occurs on the trip, or of bodily injury to, or the death of, the
person that is caused by an accident while on the trip,
(D) against expenses incurred by the person for dental care
necessitated by an accident while on the trip, or
(E) in the event that the person dies while on the trip, against expenses
incurred for the return of that person’s remains to the place where
the person was ordinarily resident before death, or for travel
expenses incurred by a relative of that person who must travel to
identify that person’s remains.
Forms
2 (1) The forms set out in Schedule “A” are prescribed for the purposes of the Act.
(2) The instructions set out in Schedule “A” for completing the forms must be followed
by the person or persons completing the forms for filing with the Superintendent.
(3) The Superintendent may require an affidavit of verification of any statement
contained in any form filed with the Superintendent.
Credit union name
3 For the purposes of clause 12(1)(a) of the Act, the Superintendent may allow the name of a
dissolved credit union to be used by a credit union that is proposed to be incorporated if
the dissolved credit union was dissolved 10 or more years prior to the date of the proposed
incorporation.
Administering insurance
4 (1) A credit union may administer an authorized type of insurance.
(2) A credit union may administer a group insurance policy for its employees.
Advice regarding insurance
5 A credit union may provide advice or a service regarding an authorized type of insurance.
Restriction on promotion of insurance company
6 No credit union shall promote an insurance company, agent or broker unless
(a) the company, agent or broker deals only in authorized types of insurance; or
(b) the promotion does not take place inside a branch of the credit union and is
directed to
(i) all of the holders of credit or charge cards issued by the credit union who
receive regularly mailed statements of account,
(ii) all of the credit union’s customers who are natural persons and who
receive regularly mailed statements of account, or
(iii) the general public.
Restriction on promotion of insurance policy
7 (1) No credit union shall promote an insurance policy of an insurance company, agent or
broker, or a service in respect thereof, unless
(a) the policy is of an authorized type of insurance or the service is in respect of
such a policy;
(b) the policy is to be provided by a corporation without share capital other than a
mutual insurance company or a fraternal benefit society, that carries on
business without pecuniary gain to its members and the policy provides
insurance to a natural person in respect of the risks covered by travel insurance;
or
(c) the promotion does not take place inside a branch of the credit union and the
promotion is directed to
(i) all of the holders of credit or charge cards issued by the credit union who
receive regularly mailed statements of account,
(ii) all of the credit union’s customers who are natural persons and who
receive regularly mailed statements of account, or
(iii) the general public.
(d) [repealed]
(2) Despite subsection (1) and Section 6, a credit union may exclude from a promotion
referred to in clause (1)(c) or 6(b) persons
(a) in respect of whom the promotion would contravene an Act of Parliament or of
the legislature of a province;
(b) who have notified the credit union in writing that they do not wish to receive
promotional material from the credit union; or
(c) who are holders of a credit or charge card that was issued by the credit union
and in respect of which the account is not in good standing.
Restriction on providing information
8 (1) No credit union shall
(a) provide, directly or indirectly, an insurance company, agent or broker with any
information respecting
(i) a member of the credit union,
(ii) an employee of a member of the credit union,
(iii) where a member of the credit union is an entity with members, any such
member, or
(iv) where a member of the credit union is a partnership, any partner of the
partnership;
(b) permit any of its subsidiaries to provide, directly or indirectly, an insurance
company, agent or broker with any information that it receives from the credit
union respecting
(i) a member of the credit union,
(ii) an employee of a member of the credit union,
(iii) where a member of the credit union is an entity with members, any such
member, or
(iv) where a member of the credit union is a partnership, any partner of the
partnership, or
(c) permit a subsidiary of the credit union that is a trust or loan company to
provide, directly or indirectly, an insurance company, agent or broker with any
information respecting
(i) a customer of the subsidiary,
(ii) an employee of a customer of the subsidiary,
(iii) where a customer of the subsidiary is an entity with members, any such
member, or
(iv) where a customer of the subsidiary is a partnership any partner of the
partnership.
(2) Subsection (1) does not apply in respect of a credit union or a subsidiary of a credit
union that is a trust and loan company where
(a) the credit union or the subsidiary has established procedures to ensure that the
information referred to in that subsection will not be used by an insurance
company, agent or broker to promote the insurance company, agent or broker
or to promote an insurance policy or a service in respect thereof; and
(b) the insurance company, agent or broker, as the case may be, has given an
undertaking to the credit union or to the subsidiary, in a form acceptable to the
Superintendent that information will not be used to promote the insurance
company, agent or broker or to promote an insurance policy, or a service in
respect thereof.
Restriction on telecommunications device
9 No credit union shall provide on its premises a telecommunications device that is
primarily for the use of members and that directly links a customer with an insurance
company, agent or broker.
Restriction re adjacent premises
10 No credit union shall carry on business in premises that are adjacent to an office of an
insurance company, agent or broker unless the credit union clearly indicates to its
customers that the credit union and its premises are separate and distinct from the office of
the insurance company, agent or broker.
Outsourcing of services
11 For the purposes of subsection 16(3) of the Act any arrangement entered into by a credit
union with a financial institution or any other body corporate for the provision of any
service or services offered by that financial institution or other body corporate, other than
any arrangement in the normal course of business, must be approved in writing by the
Corporation prior to the credit union entering into any such arrangement.
Offices
12 A credit union may establish or relocate an office of the credit union if it has obtained both
of the following approvals before establishing or relocating the office:
(a) the approval of the directors;
(b) the approval of the Corporation.
Permanent branch office closures
12A(1) A credit union planning to close a branch office permanently shall notify members,
account holders and consumers of that branch office no later than the following
dates:
(a) 4 months before the date proposed for closing the branch office, if there is a
retail deposit-taking branch within a 10 km travelling distance of the branch
office;
(b) 6 months before the date proposed for closing the branch office, if there is no
retail deposit-taking branch within a 10 km travelling distance of the branch
office;
(c) a [as] soon as possible, if the branch office is closing due to unforeseen
circumstances.
(2) A notice of a permanent branch office closure under subsection (1) must be given by
all of the following methods:
(a) posting it in a conspicuous place in a public area of the branch office;
(b) posting it on the credit union’s website;
(c) sending it to each member or account holder of the branch office by
(i) mail, either included with a regular account statement or in a separate
mailing, or
(ii) electronic means, if the member or account holder regularly receives
material from the credit union by electronic means.
(3) A notice of a permanent branch office closure under this Section must include all of
the following information:
(a) the location of the branch office;
(b) the date proposed for closing the branch office;
(c) alternative sites where members or account holders of the branch office may
obtain services after the branch office closes that are similar to the financial
services provided at the branch office, or a telephone number that members or
account holders may call to be informed of those sites;
(d) any measures that the branch office is taking to maintain financial services
available in the area served by the branch office, to the extent that that
information is available;
(e) how the credit union may be contacted about the proposed closure of the
branch office.
(4) A copy of any notice of a permanent branch office closure given under this Section
must be provided in writing to both the Corporation and Superintendent no later than
as specified in subsection (1) for the notice to members, account holders and
customers.
Unclaimed balances
13 (1) In this Section, “unclaimed balance” means a deposit, including any interest, the
account for which
(a) has not had any transactions take place for 7 years; or
(b) has not had a statement of account requested or acknowledged by the depositor
for 7 years.
(2) The 7-year period referred to in subsection (1) starts from
(a) in the case of a deposit made for a fixed period, the day on which the fixed
period terminated; and
(b) in the case of any other deposit, the later of
(i) the date on which the last transaction took place, and
(ii) the date on which a statement of account was last requested or
acknowledged by the depositor.
(3) A credit union shall establish a policy, approved by the Corporation, that sets out
definitions of dormant and inactive deposits and specifies how dormant and inactive
deposits are to be treated before they become an unclaimed balance.
(4) On or before January 15 and July 15 of each year, for each deposit that has become
an unclaimed balance since the last notification under this subsection, a credit union
shall notify
(a) each depositor in writing, mailed to the last address known to the credit union
for the depositor, informing the depositor that the deposit has become an
unclaimed balance and will be transferred to the Corporation unless the
depositor, no later than 30 days after the date of the notice, gives instructions to
the credit union as to the disposition of the unclaimed balance; and
(b) the Corporation in writing of the particulars of each deposit.
(5) On or before January 30 and July 30 each year, the Corporation shall publish, in a
newspaper with circulation throughout Nova Scotia, a notice of all unclaimed
balances it has received notification of under clause (4)(b) since the last publication
under this subsection and the notice shall include all of the following information:
(a) the name of the credit union holding each unclaimed balance;
(b) the name or names of the depositors of each unclaimed balance and their last
known community of residence;
(c) a statement that each deposit has become an unclaimed balance and will be
transferred to the Corporation unless the depositor, no later than 30 days after
the date of publication of the notice, gives instructions to the credit union
holding the unclaimed balance as to the disposition of the unclaimed balance.
(6) If a credit union and the Corporation give the required notice under subsections (4)
and (5) and do not, within 30 days after the date of the notice referred to in
subsection (5), receive instructions from a depositor or creditor entitled to the
unclaimed balance as to the disposition of the unclaimed balance, the credit union
shall
(a) pay the Corporation an amount equal to the unclaimed balance; and
(b) transfer all signature cards and signing authorities relating to the unclaimed
balance to the Corporation.
(7) Payment to the Corporation under subsection (6) discharges the credit union from all
liability to a depositor or creditor in respect of an unclaimed balance.
(8) An unclaimed balance paid to the Corporation under subsection (6) must be held in
perpetuity unless claimed by a depositor or creditor entitled to it.
(9) If a depositor or creditor requests payment from the Corporation of an unclaimed
balance to which they are entitled, the Corporation shall pay the depositor or creditor
(a) the amount paid to the Corporation under subsection (6); and
(b) if the account in which the deposit was made required interest to be paid on the
deposit, interest on the amount paid under subsection (6) from the date the
amount was received by the Corporation at a rate equivalent to the Bank of
Canada’s 1-month treasury bill yield.
Payment of prescribed amount on death of a member
14 For the purposes of subsection 44(3) of the Act, the maximum amount that may be paid is
$20 000.
Loan policies
15 (1) The loan policies established by a credit union pursuant to Section 45 of the Act
shall provide for
(a) the maximum amount of secured loans that may be made to a member of the
credit union and that may be outstanding at any time;
(aa) the maximum amount of unsecured loans that may be made to a member of the
credit union and that may be outstanding at any time;
(b) the manner in which loans to directors, officers and employees of the credit
union are to be administered;
(c) the manner in which loans made by the credit union are to be considered and
approved, including guidelines for the amount and type of loans that must be
submitted to the system credit committee for approval;
(d) the extent to which, and the manner in which, loans made by the credit union
are to be secured;
(e) the circumstances, if any, in which unsecured loans may be made to a member
of the credit union; and
(f) any terms, conditions, restrictions or limitations established by the Corporation
in relation to the lending activities of the credit union and such other matters as
may be required by the Corporation.
(2) The loan policies established by a credit union pursuant to subsection (1) may
provide for any matters in addition to those required under subsection (1) in relation
to the loans that may be made by, and the lending activities of, the credit union if the
loan policies so established are not inconsistent with the Act, these regulations and
any terms, conditions, restrictions or limitations established by the Corporation.
(3) The loan policies established by a credit union shall, subject to the Act, this Section
and any terms, conditions, restrictions or limitations established by the Corporation
be established in accordance with prudent lending policies, standards and procedures
that a reasonable and prudent person would apply in respect to making loans to avoid
undue risk of loss and to obtain a reasonable rate of return.
(4) The loan policies established by a credit union must be reviewed by the credit
committee at least annually, and any new loan policies or changes to existing loan
policies must be approved by the directors and the Corporation.
Loan requirements and restrictions
16 (1) Loans made by a credit union to its members shall be classified and shown in the
records of the credit union as
(a) personal loans, including personal line of credit loans;
(b) loans secured by mortgages on residential property that are insured pursuant to
the National Housing Act (Canada) or that are insured by an insurer that is
licensed to carry on business in the Province pursuant to the Insurance Act;
(c) loans secured by mortgages on residential property that do not exceed 80% of
the fair market value of the property mortgaged and are not in arrears;
(d) loans secured by mortgages on residential property that are not included in
clauses (b) and (c);
(e) loans to the Government of the Province or a Crown corporation or agency of
the Province, or to a municipality, education entity, hospital corporation or a
university in the Province, and loans the repayment of which is guaranteed by
the Government of Canada or of a province or territory of Canada;
(f) commercial loans; and
(g) loans secured by mortgages on property other than residential property.
(2) The Corporation shall specify the total amount of the loans classified in accordance
with clauses (1)(f) and (g) that may be made by any particular credit union and that
may be outstanding at any time.
(3) [repealed]
(4) A credit union shall not make a real estate mortgage loan on the security of property
referred to in clauses (1)(b), (c) or (d) for the purpose of purchasing, renovating or
improving the property or to refinance a real estate mortgage loan on the property
unless
(a) the amount of the indebtedness, together with the amount of the indebtedness
under other mortgage loans on the security of the property mortgaged that rank
equally with or in priority to the real estate mortgage loan
(i) in the case of the purchase of the property, does not exceed 80% of the
purchase price or the fair market value of the property, whichever is less
at the time the real estate mortgage loan is granted,
(ii) in the case of the renovation or the improvement of the property or the
refinancing of a real estate mortgage loan, does not exceed 80% of the
fair market value of the property at the time the real estate mortgage loan
is granted, or
(iii) exceeds 80% of the amount determined under subclause (i) or (ii), as the
case may be, and the excess is guaranteed or insured by the Government
of Canada or of a province or territory of Canada, or is otherwise
guaranteed or insured in a manner and to an extent approved by the
Corporation; and
(b) the income from all sources that is available to the borrower is sufficient to
repay the principal and interest of the real estate mortgage loan and any fees
and taxes related to it.
(5) A credit union shall not make a loan to a member if the amount of the loan, together
with the aggregate balances outstanding on other connected loans, including interest,
exceeds 1% of the assets of the credit union.
(6) In subsection (5), a “connected loan” means either
(a) a connected loan as defined in policy established by the credit union and
subject to approval by the Corporation; or
(b) if the credit union fails to determine what constitutes a connected loan, any
loan by the credit union to any of the following:
(i) the member,
(ii) the member’s spouse,
(iii) the member’s dependent children,
(iv) a company in which the member, the member’s spouse or the member’s
dependent children or any of them together have an ownership interest
greater than 10%.
Material deposits
17 (1) For the purposes of Section 46 of the Act, a credit union shall report to the Central
the existence of any deposit in the credit union in excess of $500 000 or 2% of the
assets of the credit union, whichever is the greater.
(2) A credit union shall report all deposits held in excess of the amount set out in
subsection (1) to the Central monthly.
Overdrafts
18 (1) A credit union shall not permit overdrafts unless its directors have established a
written policy respecting overdrafts.
(2) A copy of the policy referred to in subsection (1) and any changes to the policy shall
be sent to the system credit committee and to the Corporation.
(3) A credit union shall make such changes to its overdraft policy as are directed by the
Corporation.
Liquidity reserves and investments
19 (1) For the purpose of Section 49 of the Act, a credit union shall maintain liquidity
reserves of not less than 9% of the total amount of deposits in and borrowings of the
credit union.
(2) Financial instruments in which a credit union may invest its liquidity reserves are
(a) cash and cash equivalents;
(b) demand deposits in the Central;
(c) [repealed]
(d) term deposits in the Central with a term to maturity of 1 year or less or
unencumbered financial instruments from corporate entities with a credit rating
no lower than A-1 (or equivalent rating) from a designated rating organization
that are redeemable or cashable at any time;
(e) unencumbered financial instruments issued or guaranteed by the Government
of Canada or the government of any province of Canada with a credit rating no
lower than A+ (or equivalent rating) from a designated rating organization that
either
(i) are redeemable or cashable at any time, or
(ii) have a term to maturity of 5 years or less.
(f) [repealed]
(3) A credit union shall maintain 90% of the amount of the liquidity reserves required
pursuant to subsection (1) in eligible financial instruments of the Central.
(4) [repealed]
(5) A credit union shall not borrow for the purpose of establishing and maintaining
liquidity reserves other than from the following:
(a) its members;
(b) the Central;
(c) a financial institution on terms approved by the Corporation.
(6) A credit union shall deliver a report to the Central and the Corporation on the
position of its liquidity reserves as at the end of each month no later than 10 business
days after the end of the month.
Other investments
20 (1) For the purposes of Section 50 of the Act, a credit union may, subject to subsection
(2), make investments authorized by the investment policies established by the credit
union for that purpose if the investment policies are approved by the Corporation and
filed with the Superintendent.
(2) A credit union may make investments only in accordance with prudent investment
standards.
(3) For the purposes of subsection (2) and subsection 30(5), prudent investment
standards are those that a reasonable and prudent person would apply in respect of a
portfolio of investments so as to avoid undue risk of loss and to obtain a reasonable
return on the investments made.
(4) Despite subsections (1), (2) and (3) a credit union may not invest in real estate for its
own use if the total book value of the investment of the credit union in real estate for
its own use after the proposed investment is made exceeds 50% of the equity of the
credit union, without the prior approval of the Corporation.
Subsidiaries and associated companies
21 (1) In this Section
(a) “associated company” means a corporation more than 10% and less than 51%
of the voting shares of which are owned by a credit union;
(b) “subsidiary” means a corporation 51% or more of the voting shares of which
are owned by a credit union.
(2) A credit union may, with the approval of the Corporation, establish or acquire as a
subsidiary or associated company any corporation that is
(a) a data processing or information management company;
(b) a factoring company;
(c) a financial leasing company;
(d) a foreign financial institution;
(e) an investment counselling company;
(f) a mutual fund distribution company;
(g) a portfolio management company;
(h) a real property brokerage company;
(i) a real property company;
(j) a management service company;
(k) an insurance company or insurance brokerage company;
(l) a securities dealer company;
(m) a bank;
(n) a trust company;
(o) a loan company;
(p) an auto leasing company; or
(q) a tax preparation company.
(3) A subsidiary described in subsection (2) shall not invest its funds except as provided
for in the Act or these regulations.
(4) A credit union shall not make an investment in or guarantee an obligation of a
subsidiary of the credit union if, after the making of the investment or the giving of
the guarantee, the total book value of all such investments and guarantees will
exceed 5% of the total assets of the credit union.
(5) Subsection (4) does not apply where the subsidiary is a trust company or a loan
company.
(6) With the prior approval of the Superintendent and subject to such terms and
conditions as the Superintendent may impose, a credit union may establish or acquire
as a subsidiary or associated company, in addition to those set out in subsection (2),
any company carrying on any other business activity reasonably ancillary to the
business of the credit union.
Allowance for impaired accounts
22 (1) The allowance for impaired accounts required by Section 51 of the Act must be
equal to the aggregate amount of
(a) the portion of any loan considered to be uncollectible based on a review of all
loans outstanding and taking into consideration all of the factors that have an
impact on the collectibility of each loan, including the security held; and
(b) a percentage of the loans outstanding that are considered to be collectible,
calculated on the basis of past loss experience and the economic conditions
that may have an impact on the loans outstanding.
(2) The allowance for impaired accounts required by Section 51 of the Act must be
calculated and included in the financial statements of the credit union quarterly in
each fiscal year.
Equity
23 (1) For the purpose of subsection 52(1) of the Act, a credit union shall establish and
maintain a level of equity that is not less than 5% of its assets.
(1A) The equity policy required by subsection 52(3) of the Act must be approved by the
Corporation and be sufficient to safeguard member deposits.
(2) If a credit union’s equity falls below the percentage required by subsection (1), the
credit union shall submit an equity building plan to the Corporation.
(3) The Corporation shall review an equity building plan submitted by a credit union and
shall make recommendations on the plan to the Superintendent.
(4) An equity building plan is subject to the approval of the Superintendent.
Matching
24 (1) The directors of a credit union shall
(a) establish a policy and procedures for matching the terms and return of
investments and loans made by the credit union with the terms and return of
deposits in and other interest sensitive liabilities of the credit union; and
(b) file a report with the Corporation, not less than once in each quarter of each
financial year of the credit union, or more frequently as may be considered
advisable by the Corporation, showing
(i) investments and loans with variable interest rates matched with deposits
and other liabilities with variable interest rates; and
(ii) fixed rate investments and loans with a term to maturity matched with
fixed rate deposits and other liabilities that are of a comparable term.
(2) A credit union shall file a copy of the policy required pursuant to subsection (1) with
the Corporation and shall make such changes to the policy as are directed by the
Corporation.
25 [repealed]
Audit committee
26 (1) The audit committee established under Section 91 of the Act shall be composed of 3
or more members of the credit union none of whom is an employee, a member of the
credit committee or the chair of the board of directors of the credit union and at least
1 of whom is a director of the credit union.
(2) The audit committee shall be chaired by a committee member who is a director of
the credit union.
(3) The duties of the audit committee are to do all of the following:
(a) review and make recommendations to the board regarding all of the following:
(i) the selection process for the auditor,
(ii) the appointment of the auditor,
(iii) the terms of the auditor’s engagement;
(b) meet with the auditor before an audit begins to review the scope and terms of
engagement of the auditor;
(c) review and discuss the auditor’s report, including the auditor’s findings, any
restrictions on the scope of the auditor’s work and any issues that the auditor
identified in performing the audit;
(d) review the audited financial statements of the credit union and any subsidiaries
before they are approved by the directors under Section 107 of the Act;
(e) review and make recommendations to the board regarding all of the following:
(i) recommendations and reports by the auditor,
(ii) any letters respecting management from the auditor,
(iii) any response by the management of the credit union to letters respecting
management from the auditors;
(f) review the organization and independence of the internal auditor of the credit
union, including the internal auditor’s goals, work plans and any problems that
the internal auditor experienced in performing an audit;
(g) review any recommendations made by the internal auditor respecting the
improvement of accounting and internal control practices and the response
made by the management of the credit union to the recommendations;
(h) monitor adherence by the directors and officers of the credit union to the
requirements of Section 96 of the Act;
(i) review all reports on the affairs of the credit union made by the Superintendent
or the Corporation, or any report referred to the audit committee by the board
and monitor the implementation of recommendations that the audit committee
considers significant and report to the board on the progress of the
implementation;
(j) review or develop policies of the credit union as directed by the board and
undertake such other duties as are delegated by the board.
(3A) The audit committee shall report at least quarterly to the board of directors on all
matters in subsection (3).
(4) The audit committee shall ensure that a full and correct record of all proceedings of
the audit committee is made and kept available for examination by the Corporation
or any person authorized under the Act to examine the records of a credit union.
Credit committee
27 (1) The credit committee established under Section 91 of the Act shall be composed of 3
or more members of the credit union none of whom is an employee, a member of the
audit committee or the chair of the board of directors of the credit union and at least
1 of whom is a director of the credit union.
(2) The credit committee shall be chaired by a committee member who is a director of
the credit union.
(3) In addition to any other duties that may be given to the committee by the directors of
the credit union, the duties of the credit committee shall be
(a) to receive and to review a report prepared by the manager of the credit union at
least quarterly which shall include, on a comparative basis,
(i) the total of all loans past due over 30 days, 60 days and 90 days as well
as details including security of those loans past due over ninety days,
(ii) the total of all outstanding loans in each loan classification,
(iii) the total and the manner of calculation of the allowance required for
impaired accounts,
(iv) the number, amount and type of loans which require approval of the
system credit committee including whether such approval has been
denied or has been granted upon certain conditions,
(v) a listing of employee, audit committee member, credit committee
member and director loans outstanding that are in arrears and the extent
of the arrears,
(vi) a listing of overdrafts outstanding, and
(vii) the details of all loans previously in arrears that have been restructured
during the period;
(b) to recommend to the directors, policies and procedures to be followed by the
credit union for approving and granting loans made by the credit union; and
(c) to report in writing to the board of directors at the next regular meeting of the
board following a meeting of the credit committee, on the activities of the
credit committee including matters included in clause (a) and including loans
made to directors, officers and employees under clause 15(1)(b).
(4) [repealed]
(5) The credit committee shall ensure that a full and correct record of all proceedings of
the credit committee is made and kept available for examination by the Corporation
or any person authorized under the Act to examine the records of a credit union.
Maximum amount of deposit insurance
28 The maximum amount that may be paid by the Corporation in respect of the deposits of
any member of a credit union shall be $250 000.
Liquidity investments by the Central
29 For the purposes of clause 189(a) of the Act, any deposits in the Central made by credit
unions for the purpose of establishing and maintaining liquidity reserves shall be invested
or maintained by the Central in
(a) cash on hand;
(b) demand deposits or deposits with a term to maturity of 1 year or less in the
Central 1 Credit Union or another entity with whom the Central has a payment
and clearing relationship;
(c) demand deposits in a bank or other financial institution that is a member of the
Canada Deposit Insurance Corporation;
(d) unencumbered bonds, debentures or other evidence of indebtedness of or
guaranteed by the Government of Canada or the government of any province
of Canada with a credit rating no lower than A+ (or equivalent rating) from a
designated rating organization that either
(i) are redeemable or cashable at any time, or
(ii) have a term to maturity of 5 years or less; or
(e) unencumbered bonds, debentures, notes, certificates or other evidence of
indebtedness of or guaranteed by a bank or other body corporate with a credit
rating no lower than A-1 (or equivalent rating) from a designated rating
organization that either
(i) are redeemable or cashable at any time, or
(ii) have a term to maturity of 1 year or less.
Other investments by the Central
30 (1) For the purposes of clause 189(b) of the Act, the Central shall not make a loan or an
investment, except an investment described in Section 29, unless the Central has
satisfied the requirements of Section 29.
(2) The Central shall not make a loan to or invest in the securities of any member or
associate member, except as authorized by subsection (3), if
(a) the aggregate of
(i) the amount of the loans made by the Central to the member or associate
member, less the market value of government securities, municipal
securities and school securities, if any, pledged as security for any such
loans; and
(ii) the amount invested by the Central in the securities of the member or
associate member,
exceeds 25% of the aggregate of the equity of the Central and the total amount
of money of the member or associate member on deposit with the Central.
(3) The Central may, with the consent of at least 2/3 of its directors, make a loan to a
member that would otherwise be prohibited under subsection (2) if the term of the
loan does not exceed 1 year and the loan is adequately secured.
(4) Where a loan is made to a member under subsection (3) the Central shall report the
making of the loan to the Superintendent within 15 days of the directors’ approval.
(5) Subject to subsections (1), (2) and (3) the Central may make investments only in
accordance with a policy established by the directors and based on prudent
investment standards as defined in subsection 20(3).
31 [repealed]
32 [repealed]
Periodic review of the Act
33 (1) The Act shall be subject to a general review when directed by the Minister which
shall not be later than 7 years after the Act has come into force or 7 years after a
preceding review has been completed.
(2) When the Minister directs that a review be conducted under subsection (1), the
Minister shall form a committee of representatives from the Central and the
Corporation to conduct the review.
(3) A committee that is formed under subsection (2) shall
(a) solicit input from the credit union industry; and
(b) report in writing to the Minister on the results of its review, including any
recommendations for change that it considers appropriate.
34 Fees are payable under the Act as follows:
(a) on issuance by the Superintendent of a certificate of
(i) incorporation of a credit union.....................................................$265.40
(ii) amendment of articles other than an amendment under (iii)..........$132.70
(iii) amendment of articles correcting a clerical error............................$24.95
(iv) restated articles............................................................................$132.70
(v) amalgamation..............................................................................$265.40
(vi) articles of reorganization..............................................................$132.70
(vii) revival of a credit union...............................................................$132.70
(viii) intent to dissolve or revocation of intent to dissolve.......................$19.95
(b) for the approval of charter by-laws or any amendment, repeal
or replacement thereof............................................................................$13.30
(c) for filing any notice..................................................................................$6.65
(d) for filing an annual return.......................................................................$26.50
(e) for late filing of an annual return, for each day after the date
the annual return is due to be filed (maximum total $500 per return).........$6.65
(f) for a request to reserve one name..............................................................$6.65
(g) for a search by mail of documents filed by a credit union..........................$6.65
(h) for an order of the Superintendent.........................................................$132.70
(i) for a certificate of status..........................................................................$13.30
(j) for certified copies or photocopies of
(i)any articles....................................................................................$13.30
(ii) any document not otherwise herein provided
– for the first page...........................................................................$4.50
– for the second and any subsequent pages..............................$0.60 each
(k) for limited registration of an extra-provincial credit union.......................$66.35
(l) for filing an offering statement..............................................................$159.25
(m) for filing a statement of change in facts...................................................$79.60
________________________________________________________________
Form 1 - Articles of Incorporation
Nova Scotia
the Credit Union Act
1. The name of the credit union shall be
2. The registered office of the credit union shall be located at (name of city, town, village or
municipality only)
3. Membership in the credit union shall be limited to persons having a bond of association as
follows: (delete if there is no bond of association)
4. The credit union shall permit persons to become associates of the credit union on the
following terms: (delete if associate status is not to be permitted)
5. The credit union may issue an unlimited number of common shares at an issue price of $
(insert issue price which may not be less than $5) each
6. The credit union may issue classes of shares other than common shares. The maximum
number of shares, the total consideration to be paid and the rights, privileges, restrictions
and conditions attaching to the shares of each class are as follows:
(a) Class (name of class)
Maximum number of shares (insert number)
Total consideration to be paid (insert total dollars)
Rights, privileges, restrictions and conditions (list items)
(b) (Insert same information as in (a) for second and subsequent classes)
(Delete this item if no shares other than common are authorized)
7. Transfer of shares shall be subject to the following restrictions: (delete if inapplicable)
8. The credit union shall not carry on the following business: (delete if inapplicable)
9. The credit union shall not exercise the following powers: (delete if inapplicable)
10. The first directors of the credit union are: (set out name and residence address)
11. The incorporators of the credit union are: (set out name, residence address and signature)
Instructions
● If any first director set out in Item 10 is not an incorporator, a Consent to Act as a First
Director (Form 2) must be attached.
● Provide a written statement that each director named herein must be qualified under the
Act to be a director of the credit union. Please provide a written statement confirming that
the Director is qualified under the Act to act as a First Director.
● Provide a written statement that to the best of your knowledge and belief, the proposed
name of the credit union is not the same as or similar to the name of any known body
corporate, association, partnership, individual or business so as to be likely to confuse or
mislead.
● In paragraphs 10 and 11, state the full names including all given names and full residence
addresses including street, number, city, town or municipality and postal code. A post
office box number alone is not acceptable.
● Articles are to be executed in duplicate for delivery to the Superintendent.
________________________________________________________________
Form 2 - Consent to Act as a First Director
Nova Scotia
the Credit Union Act
I,
(name in full, including all given names)
residing at
(street and number, city, town, or municipality including postal code)
hereby consent to act as a first director of
Dated this day of , 19 .
Signature of consenting person
________________________________________________________________
Form 3 - Notice of Registered Office
Nova Scotia
the Credit Union Act
I, of ,
a first director/incorporator of
hereby give notice that the address of the registered office of the credit union in the location
specified in the accompanying articles of incorporation is
Dated this day of , 19 .
Signature of first director/incorporator
Instructions
● Describe the exact location of the registered office in the city, town, village or
municipality. Post office box number alone is not acceptable.
● Submit the notice in duplicate.
________________________________________________________________
Form 4 - Notice of Change of Registered Office
Nova Scotia
the Credit Union Act
1. Name of credit union
2. Notice is hereby given that on (date)
the address of the registered office of the credit union was changed to:
Dated this day of , 19 .
Signature of officer of the credit union
________________________________________________________________
Form 5 - Notice of Change of Directors
Nova Scotia
the Credit Union Act
1. Name of credit union, including address
2. Notice is hereby given that on (date)
the following persons ceased to be directors of the credit union:
(name, including address)
3. Notice is hereby given that on (date)
the following persons became directors of the credit union:
(name, including address)
Dated this day of , 19 .
Signature of officer of the credit union
Instructions
● State full names and residence addresses. Post office box number alone is not acceptable.
________________________________________________________________
Form 6 - Articles of Amendment
Nova Scotia
the Credit Union Act
1. Name of credit union
2. The amendment to the articles has been authorized by
(a) the members under subsection 125(1) of the Act
(b) the members under subsection 125(2) of the Act
(c) the directors under subsection 125(2) of the Act
(d) the holders of shares other than common or surplus
shares under subsection 39(2) of the Act
and the articles are amended as follows:
Dated this day of , 19 .
Signature
Position held
Instructions
● In paragraph 2, indicate with an “x” the relevant subsection(s) under which the amendment
is authorized and set out the changes that are being made.
● Articles are to be executed in duplicate for delivery to the Superintendent.
________________________________________________________________
Form 7 - Restated Articles of Incorporation
Nova Scotia
the Credit Union Act
1. The name of the credit union shall be
2. The date of incorporation of the credit union is
3. The registered office of the credit union shall be located at (name of city, town, village or
municipality only)
4. Membership in the credit union shall be limited to persons having a bond of association as
follows: (delete if there is no bond of association)
5. The credit union shall permit persons to become associates of the credit union on the
following terms: (delete if associate status is not to be permitted)
6. The credit union may issue an unlimited number of common shares at an issue price of $
(insert issue price which may not be less than $5) each
7. The credit union may issue classes of shares other than common shares. The maximum
number of shares, the total consideration to be paid and the rights, privileges, restrictions
and conditions attaching to the shares of each class are as follows:
(a) Class (name of class)
Maximum number of shares (insert number)
Total consideration to be paid (insert total dollars)
Rights, privileges, restrictions and conditions (list items)
(b) (Insert same information as in (a) for second and subsequent classes)
(Delete this item if no shares other than common are authorized)
8. Transfer of shares shall be subject to the following restrictions: (delete if inapplicable)
9. The credit union shall not carry on the following business: (delete if inapplicable)
10. The credit union shall not exercise the following powers: (delete if inapplicable)
11. The directors of the credit union are: (set out name and residence address)
12. The foregoing restated articles of incorporation correctly set out, without substantive
change, the corresponding provisions of the articles of incorporation as amended and
supersede the original articles of incorporation.
Dated this day of , 19 .
Signature
Position held
● In paragraph 3, state only the name of the city, town, village or municipality in Nova
Scotia where the registered office is located.
● In paragraph 11, state the full names including all given names and full residence
addresses including street, number, city, town or municipality and postal code. A post
office box number alone is not acceptable.
● Articles are to be executed in duplicate for delivery to the Superintendent.
________________________________________________________________
Form 8 - Articles of Amalgamation
Nova Scotia
the Credit Union Act
1. The name of the amalgamated credit union shall be
2. The registered office of the credit union shall be located at (name of city, town, village or
municipality only)
3. Membership in the credit union shall be limited to persons having a bond of association as
follows: (delete if there is no bond of association)
4. The credit union shall permit persons to become associates of the credit union on the
following terms: (delete if associate status is not to be permitted)
5. The credit union may issue an unlimited number of common shares at an issue price of $
(insert issue price which may not be less than $5) each
6. The credit union may issue classes of shares other than common shares. The maximum
number of shares, the total consideration to be paid and the rights, privileges, restrictions
and conditions attaching to the shares of each class are as follows:
(a) Class (name of class)
Maximum number of shares (insert number)
Total consideration to be paid (insert total dollars)
Rights, privileges, restrictions and conditions (list items)
(b) (Insert same information as in (a) for second and subsequent classes)
(Delete this item if no shares other than common are authorized)
7. The credit union shall not carry on the following business: (delete if inapplicable)
8. The credit union shall not exercise the following powers: (delete if inapplicable)
9. The directors of the credit union are: (name and residence address)
10. The amalgamating credit unions have entered into an agreement with each other in
accordance with
(a) Section 132 of the Act ______
(b) clause 243(1)(h) of the Act ______
11. The date of amalgamation is
12. The names of amalgamating credit unions are:
13. The signature of each officer and the position held are set out below.
Instructions
● In paragraph 2, state only the name of the city, town, village or municipality in Nova
Scotia where the registered office is located.
● In paragraph 9, state the full names including all given names and full residence addresses
including street, number, city, town or municipality and postal code. A post office box
number alone is not acceptable.
● In paragraph 10, indicate with an “x” the relevant provision under which the
amalgamation was approved or ordered.
● Two certified copies of the charter by-laws of the amalgamated credit union as set out in
the amalgamation agreement shall accompany the articles of amalgamation as well as
statutory declarations required by subsection 133(2) of the Act if it is an amalgamation
under Section 132 of the Act and written consent of the supervisor if an amalgamating
credit union is under supervision.
● If a credit union is ordered by its supervisor to amalgamate under Section 243 of the Act, a
certified copy of the order shall accompany the articles of amalgamation.
● Articles are to be executed in duplicate for delivery to the Superintendent.
________________________________________________________________
Form 9 - Articles of Reorganization
Nova Scotia
the Credit Union Act
1. The name of the credit union shall be
2. In accordance with the court order for reorganization, under Section 139 of the Act the
articles of incorporation are amended as follows:
Dated this day of , 19 .
Signature
Position held
Instructions
● In paragraph 2 state the amendments to the articles of incorporation in accordance with the
court order and such amendments must conform with and have continuity with the
paragraph references of the existing articles.
● A certified copy of the court order must accompany the articles of reorganization together
with any notices otherwise required to be filed in order to comply with the terms of the
order.
● Articles are to be executed in duplicate for delivery to the Superintendent.
________________________________________________________________
Form 10 - Statement of Intent to Dissolve or Revocation of Intent to Dissolve
Nova Scotia
the Credit Union Act
1. The name of the credit union is
2. The credit union intends to liquidate and dissolve under Section 143 of the Act.
or
The credit union revokes its certificate of intent to dissolve.
Dated this day of , 19 .
Signature
Position held
Instructions
● In paragraph 2 strike out what does not apply.
● Statements of intent to dissolve or revocation of intent to dissolve are to be executed in
duplicate for delivery to the Superintendent.
________________________________________________________________
Form 11 - Articles of Dissolution
Nova Scotia
the Credit Union Act
1. The name of [the] credit union is
2. The credit union has voluntarily resolved to dissolve under
(a) subsection 142(1) of the Act ______
(b) subsection 142(2) of the Act ______
(c) subsection 142(3) of the Act ______
(d) Section 143 of the Act ______
and has discharged all its obligations and now has no property and no liabilities.
3. Documents and records of the credit union shall be kept for 6 years from the date of
dissolution by the Credit Union Deposit Insurance Corporation pursuant to Section 147 of
the Act.
4. The address of the Corporation is
Dated this day of , 19 .
Signature
Position held
Instructions
● In paragraph 2, indicate with an “x” the relevant provision under which the credit union is
being dissolved.
● In paragraph 3, state the full address including street, number of [and] postal code.
● Articles are to be executed in duplicate for delivery to the Superintendent.
________________________________________________________________
Form 12 - Articles of Revival
Nova Scotia
the Credit Union Act
1. Name of dissolved credit union
2. Date of dissolution
3. Reasons for dissolution
4. Interest of applicant in revival of the credit union
5. Name of applicant
Address of applicant
Dated this day of , 19 .
Signature
Instructions
● In paragraph 5, state the full name and address including street, number, city, town village
or municipality and postal code. Post office box number alone is not acceptable.
● If the dissolved credit union was in default with respect to any filings required under the
Credit Union Act, all such defaults must be remedied at the time of delivering the articles.
● Articles are to be executed in duplicate for delivery to the Superintendent.
________________________________________________________________
Form 13 - Certificate
Nova Scotia
the Credit Union Act
This is to certify that these articles are effective on
Superintendent
________________________________________________________________
Form 14 - Certificate
Nova Scotia
the Credit Union Act
This is to certify that this statement is effective on
Superintendent
________________________________________________________________
Form 15 - Certificate of Dissolution
Nova Scotia
the Credit Union Act
This is to certify that
was this day dissolved by
under Section
Date of dissolution
Superintendent
Receipt
Issued this day of , 19 .
Superintendent
________________________________________________________________
Form 16 - Offering Statement
Nova Scotia
the Credit Union Act
1. The name of the credit union is
2. The date of incorporation of the credit union is
3. The registered office of the credit union is located at (name of city, town, village or municipality
only)
4. The directors and officers of the credit union are: (set out name, title and residence address)
5. Membership in the credit union is limited to persons having a bond of association as
follows: (delete if there is no bond of association)
6. The credit union permits persons to become associates of the credit union on the following
terms: (delete if associate status is not to be permitted)
7. The credit union may issue an unlimited number of common shares at an issue price of $
(insert issue price which may not be less than $5) each
8. Share capital:
- Class of shares
- No. of shares authorized
- Issue price
- Total consideration to be paid for each class
- No. of shares issued
- Amount paid thereon
9. Transfer of shares is subject to the following restrictions: (delete if inapplicable)
10. The patronage loan capital outstanding is
11. A description and amount of any mortgages, debentures or other debt obligations
outstanding (other than patronage loans) is set out below:
12. The restrictions on transfer of any securities issued by the credit union are:
13. A description of the securities issued is set out below:
14. The use of the proceeds is set out below:
15. The commission payable or discount allowable is
16. The amount and particulars of any mortgages, bonds, debentures or other debt obligations
ranking ahead of the securities to be issued are:
17. A description of any action, suit or other proceeding to which the credit union is a party is
set out below:
18. The material interest of any director, officer or employee in the operation of the credit
union generally is
19. Any material interest of any director, officer or employee in this security issue specifically
is
20. A description of every material contract entered into within 2 years prior to the date of the
offering statement is set out below:
21. Any other material facts not already described are
22. The financial statements and auditor’s reports thereon where required are attached hereto
as schedule _____ and are incorporated in and form part of this offering statement.
23. The foregoing constitutes full, true and plain disclosure of all material facts relating to the
securities proposed to be issued as required by the Act.
24. The date and signatures of all directors of the credit union are set out below.
Instructions
● In paragraphs 3 and 4, state the full address including street, number, city, town or
municipality and postal code.
● The financial statements referred to in paragraph 22 must include the audited annual
financial statements for the most recent fiscal year ended and if the most recent fiscal year
ended more than 120 days before the date of this offering statement, include as well
financial statements for the period that began immediately after the year end and ended not
more than 60 days before the date of this offering statement.
● The financial statements attached hereto must be properly signed by 2 or more directors of
the credit union evidencing approval by the directors.
● Offering statements are to be executed in duplicate for delivery to the Superintendent.
________________________________________________________________
Form 17 - Statement of Change in Facts
Nova Scotia
the Credit Union Act
1. Name of credit union
2. Date of change of facts
3. Particulars of change in facts
4. The foregoing constitutes full, true and plain disclosure of any change in facts set forth in
the offering statement receipted by the Superintendent on the day of , 19 .
5. Date and signatures of all directors of the credit union
Instructions
● Statements of change in facts are to be executed in duplicate for delivery to the
Superintendent.
Receipt
Issued this day of , 19 .
Superintendent
The following
regulations are not yet in force and are not included in the current
consolidation: