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Application provision

1.1 Unless otherwise stated, this Part applies to a credit union.



A credit union must put in place contingency arrangements to ensure it could continue to operate and comply with its regulatory obligations in the event of an unforeseen interruption, such as a complete failure of information technology systems or a destruction of premises by fire, which would otherwise prevent the normal operation of the credit union.



A credit union must regularly review and test business continuity arrangements in order to ensure their effectiveness.