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Cooperative Credit Associations Act

Version of section 338 from 2003-01-01 to 2006-04-26:


Marginal note:Reliance on statements

 A liquidator is not liable if the liquidator relies in good faith on

  • (a) financial statements of the association represented to the liquidator by an officer of the association, or on a written report of the auditor of the association, to reflect fairly the financial condition of the association; or

  • (b) an opinion, a report or a statement of a lawyer, a notary, an accountant, an appraiser or other professional adviser retained by the liquidator.


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