Cooperative Credit Associations Act (S.C. 1991, c. 48)

Act current to 2014-09-29 and last amended on 2013-12-12. Previous Versions

Marginal note:Reasonable opportunity to make representations
  •  (1) Where, after receipt of the notice referred to in paragraph 361(1)(b), the applicant advises the Minister that the applicant wishes to make representations, the Minister shall provide the applicant with a reasonable opportunity within a period of thirty days after the date of the notice, or within such further period as may be agreed on by the applicant and the Minister, to make representations in respect of the matter.

  • Marginal note:Reasonable opportunity to make representations

    (2) If after receipt of the notice referred to in paragraph 361(2)(b) the applicant advises the Minister that the applicant wishes to make representations, the Minister must provide the applicant with a reasonable opportunity within a period of forty-five days after the date of the notice, or within any further period that may be agreed on by the applicant and the Minister, to make representations in respect of the matter.

  • 1991, c. 48, s. 362;
  • 2001, c. 9, s. 302.
Marginal note:Notice of decision
  •  (1) Within a period of thirty days after the expiration of the period for making representations referred to in subsection 362(1), the Minister shall, in the light of any such representations and having regard to the matters to be taken into account, send a notice to the applicant indicating whether or not the Minister approves the transaction to which the application relates.

  • Marginal note:Notice of decision

    (2) Within a period of forty-five days after the expiration of the period for making representations referred to in subsection 362(2), the Minister shall, in the light of any such representations and having regard to the matters to be taken into account, send a notice to the applicant indicating whether or not the Minister approves the transaction to which the application relates.

  • 1991, c. 48, s. 363;
  • 2001, c. 9, s. 303.
Marginal note:Deemed approval

 If the Minister does not send a notice under subsection 361(1) or (3) or 363(1) within the period provided for in those subsections, the Minister is deemed to have approved the transaction to which the application relates.

  • 1991, c. 48, s. 364;
  • 2001, c. 9, s. 303.

Division II[Repealed, 1994, c. 47, s. 54]

Division IIIDirections

Marginal note:Disposition of shareholdings
  •  (1) If, with respect to any association, a person contravenes section 354 or 354.1 or fails to comply with any terms and conditions imposed under section 359, the Minister may, if the Minister deems it in the public interest to do so, by order,

    • (a) direct that person and any person controlled by that person not to exercise any voting rights attached to shares of the association beneficially owned by any of those persons as the Minister deems appropriate and specifies in the order; and

    • (b) direct that person and any person controlled by that person to dispose of such number of shares of the association beneficially owned by any of those persons as the Minister specifies in the order, within such time as the Minister specifies therein and in such proportion, if any, as between the person and the persons controlled by that person as is specified in the order.

  • Marginal note:Representations

    (2) No direction shall be made under subsection (1) unless the Minister has provided each person to whom the direction relates and the association concerned with a reasonable opportunity to make representations in respect of the subject-matter of the direction.

  • Marginal note:Appeal

    (3) Any person with respect to whom a direction has been made under subsection (1) may, within thirty days after the date of the direction, appeal the matter in accordance with section 462.

  • Marginal note:No stay

    (4) A direction made under paragraph (1)(a) is not stayed by an appeal under subsection (3).

  • 1991, c. 48, s. 368;
  • 2001, c. 9, s. 304.