Notes to Consolidated Financial Statements


1.Nature of Operations
2.Summary of Significant Accounting Policies
3.Inventory
4.Capital Assets
5.Investments
6.Intangible Assets and Goodwill
7.Loan Payable
8.Consolidated Statement of Cash Flows
9.Contingencies
10.Retirement Benefit Plans
11.Commitments
12.Financial Instruments and Risk Management



9. CONTINGENCIES

The Association has been named in a number of legal actions in the normal course of operations. In the opinion of management and legal counsel, the outcome of these actions cannot be determined with a reasonable degree of assurance at this time. The Association carries insurance for such actions, and any loss, to the extent it is not fully covered by these insurance policies, is charged to operations in the period in which the liability is determined.


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