Nova Scotia Credit Union Deposit Insurance Corporation

Other forms of name:
Nova Scotia Credit Union Stabilization Fund Board

The Stabilization Fund of the Nova Scotia Credit Union League (now Credit Union Central of Nova Scotia) was set up about 1963 to protect and stabilize league member credit unions in financial difficulties and to reimburse any losses suffered by members of credit unions being liquidated. In 1969 the Cabinet was authorized to appoint a committee to manage the fund. In 1978 the committee was incorporated and became a board. In 1995 the stabilization fund board was superseded by the Nova Scotia Credit Union Deposit Insurance Corporation, a statutory crown corporation. The objects of the corporation are to provide insurance against loss of deposits by making payments to the depositors concerned; to assist credit unions by providing funds towards stabilization; and to protect deposits against impairment arising from financial losses or insolvency by developing, promoting and implementing sound business and financial policies and procedures for credit unions and establishing and implementing loss prevention programs and other controls.

Notes: Authority record based on Statutes of Nova Scotia: 1963 c. 22, 1969 c. 36, 1978 c. 4 and 1994 c. 4.