Advisories
Advisory 13
Investment in League Savings & Mortgage Subordinated
Debentures
In order to facilitate the proposed restructuring
of League Savings & Mortgage without creating a
lot of paperwork, the Board of the Nova Scotia Credit
Union Deposit Insurance Corporation (CUDIC) advises
that approval of investment policies which provide
for investment in the shares of League Savings and
Mortgage will be interpreted to include both shares
and subordinated debentures.
Consequently, it will not be necessary to submit
revised loan policies to our office for approval
if the only change is to add the League Savings
& Mortgage subordinated debentures. You should,
however, have a motion recorded in the Board of
Directors minutes which authorizes the credit union
to invest in them.
November, 1997
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