Second

Session, 50th General Assembly

Charles III, 2022

BILL 8

AN ACT TO AMEND THE

CREDIT UNION ACT, 2009

Received

and Read the First Time ................................................................

Second

Reading ............................................................................................

Committee .....................................................................................................

Third

Reading ...............................................................................................

Royal

Assent .................................................................................................

HONOURABLE SARAH

STOODLEY

Minister of Digital

Government and Service Newfoundland and Labrador

Ordered to be printed by

the Honourable House of Assembly

EXPLANATORY NOTES

This Bill would amend the Credit

Union Act, 2009 to

require that the policies and

guidelines established by Treasury Board apply to employees, officers and

committees of the Credit Union Deposit Guarantee Corporation;

authorize the minister to

determine the quorum of the board of directors of the Credit Union Deposit

Guarantee Corporation in the regulations;

remove the authority for the

board of directors of the Credit Union Deposit Guarantee Corporation to make

by-laws respecting the remuneration of the officers, agents and employees of

the Credit Union Deposit Guarantee Corporation;

change the fiscal year of the

Credit Union Deposit Guarantee Corporation;

require that the Credit Union

Deposit Guarantee Corporation submit its annual budget to the minister for

approval; and

incorporate gender-neutral

language.

A BILL

AN ACT TO AMEND THE CREDIT UNION ACT, 2009

Analysis

S.13 Amdt.

Pre-incorporation contract

S.35 Amdt.

Member right to withdraw deposits

S.72 Amdt.

Ceasing to hold office

S.74 Amdt.

Reasons

S.83.1 Amdt.

Disclosure of interest in material contract

S.87 Amdt.

Dissent

S.88 Amdt.

Indemnification

S.99 Amdt.

Examinations by auditor

S.104 Amdt.

Duty of auditor

S.136 Amdt.

Powers

S.138 Amdt.

Officers

S.142 Amdt.

Quorum

S.143 Amdt.

By-laws

S.151 R&S

Fiscal

year

S.151.1 Added

Annual budget

S.191 Amdt.

Superintendent

S.193 Amdt.

Regulations

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

SNL2009 cC-37.2

as amended

1. Subsection 13(3) of the Credit Union Act, 2009 is amended by deleting the words "he or

she" and substituting the words "the judge".

2. Subsection 35(1) of the Act is amended by

deleting the words "his or her" and substituting the words "the

member's".

3. Subsection 72(1) of the Act is amended by deleting

the words "he or she" and substituting the words "the

director".

4. Subsection 74(2) of the Act is amended by

deleting the words "he or she" and substituting the words "the

director".

Section 83.1 of the Act is amended by deleting

the words "his or her" and substituting the words "the

director's or officer's".

(1) Section 87 of the Act is amended by

deleting the words "his or her" wherever they appear and substituting

the words "the director's".

(2) Paragraph 87(4)(

b) of the Act is amended by deleting

the words "him or her" and substituting the words "the

person".

7. (1) Subsection 88(1) of the Act is amended by

(

a) deleting the words "his or her" and

substituting the words "the director's, officer's, acting director's or

acting officer's";

(

b) deleting the words "him or her" and

substituting the words "the director, officer, acting director or acting

officer"; and

(

c) deleting the words "he or she" and

substituting the words "the director, officer, acting director or acting

officer".

(2) Paragraph 88(3)(

b) of the Act is amended by

deleting the words "he or she" and substituting the words "the

person".

8. Subsection 99(1) of the Act is amended by

(

a) deleting the words "he or she" and

substituting the words "the auditor"; and

(

b) deleting the words "him or her" and

substituting the words "the auditor".

9. Subsection 104(4) of the Act is amended by

deleting the words "he or she" and substituting the words "the

auditor".

Section 136 of the Act is amended by

renumbering it as subsection 136(1) and adding immediately after that

subsection the following:

(2) Notwithstanding paragraph (1)(n), the policies

and guidelines established by Treasury Board shall apply to all employees

engaged by the board.

Section 138 of the Act is amended by adding

immediately after subsection (2) the following:

(2.1) The policies and guidelines established by

Treasury Board shall apply to all officers and committees appointed in

accordance with subsection (2).

12. Subsection 142(1) of the Act is repealed and

the following substituted:

Quorum

(1) The

quorum of the board shall be determined in accordance with the regulations.

13. Paragraph 143(2)(

b) of the Act is repealed and

the following substituted:

(

b) respecting the functions and duties of the

officers and agents of the guarantee corporation;

Section 151 of the Act is repealed and the

following substituted:

Fiscal year

(1) The fiscal year of the guarantee corporation ends on March 31 in each year.

(2) Notwithstanding subsection (1), the fiscal

year 2023 shall commence on January 1, 2022 and end on March 31, 2023.

15. The Act is amended by adding immediately after

section 151 the following:

Annual budget

151.1

(1) The board shall submit its annual budget to the minister for approval no later

than the date set by the minister.

(2) Notwithstanding subsection (1), the board's

budget for the period January 1, 2023 to March 31, 2023 shall be approved at

25% of the total approved budgeted expenditures for the period January 1, 2022

to December 31, 2022.

16. Subsection 191(1) of the Act is amended by

deleting the words "his or her" and substituting the words "the

superintendent's".

(1) Paragraph 193(w.1) of the Act is amended by

deleting the words "his or her" and substituting the words "the

director's or officer's".

(2) Paragraph 193(bb.1) of the Act is amended by

deleting the words "his or her" and substituting the words "the

director's or officer's".

(3) Section 193 of the Act is amended by adding

immediately after paragraph (ff.1) the following:

(ff.2) respecting the quorum of the board;

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