26ACredit union to notify members and intending members of withdrawal of approval

26A Credit union to notify members and intending members of withdrawal of approval

(1) Where a notice of the withdrawal of the approval of a credit union for the purposes of this Act has been served on the credit union, the credit union shall: (a) within fourteen days after the date of service of the notice of withdrawal, give a prescribed notice to every person who was a member of the credit union at that date or, not being a member, had applied for membership on or before that date; and (b) give a prescribed notice to every person who applies for membership after that date and before the withdrawal takes effect. (2) A credit union that is not an approved credit union for the purposes of this Act, or an officer or member of such a credit union, shall not directly or indirectly represent or advertise that the credit union is an approved credit union for those purposes. (3) If the approval of a credit union for the purposes of this Act is withdrawn, the credit union, or an officer or member of the credit union, shall not, during the period of six months after the date of the withdrawal, directly or indirectly represent or advertise that the credit union is an approved credit union for the purposes of this Act. (3A) Subsections (1), (2) and (3) are offences of strict liability. (4) For the purposes of this section, a prescribed notice is a notice stating that the approval of the credit union for the purposes of this Act has been withdrawn and specifying the date on which the withdrawal is to take effect.

Penalty: Five hundred dollars.