The battle for control of St. Francis Xavier Credit Union continues and tonight the Registrar of Credit Union has stepped in and publicly put his foot down. The Registrar, who is Central Bank Governor Sydney Campbell has issued the rare press release warning the supervisory committee that he has the power to cancel the registration of St. Francis Xavier - and if they continue to flout his authority, he will use what he calls his "ultimate power."
The stern warning comes after the Supervisory Committee suspended board president Luciola West on the weekend. They wrote her a letter citing 12 reasons for the decision. Sounds mighty, but really, according to the Registrar, that act is illegal, because the supervisory body has no such authority. Still, it's the second time committee members have done it - against the express directives of Registrar Campbell, and it looks like this time he has had enough.
In his release, he characterizes the present state as "bordering on anarchy" and notes that it is a criminal offence to refuse to comply with his directives. With that, he urges all sides to come together and make "good sense" prevail without him having t use that ultimate power to de-register St. Francis.
St. Francis has nearly 20,000 members and assets of $39 million.
