Marginal note:Reliance on information

372. An association and any person who is a director or an officer, employee or agent of the association may rely on any information contained in a declaration required by the directors pursuant to section 371 or on any information otherwise acquired in respect of any matter that might be the subject of such a declaration, and no action lies against the association or any such person for anything done or omitted to be done in good faith in reliance on any such information.

373. [Repealed, 1994, c. 47, s. 55]

Marginal note:Exemption regulations

374. The Governor in Council may, by regulation, exempt from any of the provisions of this Part any share transaction or any class of share transactions involving the transfer of shares on the death of the beneficial owner thereof, or any arrangement made in contemplation of the death of the beneficial owner, to one or more members of the beneficial owner’s family, or to one or more trustees on their behalf.

Marginal note:Main business

• 375. (1) Subject to this Act, an association shall not engage in or carry on any business other than such business as generally appertains to the business of

  • (a) providing financial services to one or more of the following:

    • (i) a member of the association,

    • (ii) an entity in which an association has a substantial investment as allowed by section 390,

    • (ii.1) another association,

    • (iii) a cooperative credit society,

    • (iv) a cooperative corporation, or

    • (v) an entity controlled by an entity or group of entities described by any of subparagraphs (i) to (iv); and

  • (b) providing administrative, educational, promotional, technical, research and consultative services and related goods to any cooperative credit society, or any person intending to organize or operate such a society, in support of the financial services provided or to be provided by the society.

• Marginal note:Idem

  (2) For greater certainty, an association may act as a financial agent for, and provide investment counselling and portfolio management services to, any person referred to in paragraph (1)(a).

• Marginal note:Restriction

  (3) Subject to any order that may be made by the Superintendent under section 61 or 62, an association shall not receive money on deposit from a local cooperative credit society, or a cooperative corporation, that is not a member of the association.

Marginal note:Additional businesses

• 375.1 (1) In addition to engaging in or carrying on any business that an association is permitted to engage in or carry on under subsection 375(1), an association may, with the approval of the Minister and subject to any order of the Superintendent that may be made under section 61 or 62,

  • (a) provide financial services to persons or entities that are not persons or entities referred to in any of subparagraphs 375(1)(a)(i) to (v); or

  • (b) provide clearing, settlement and payment services to members of the Canadian Payments Association and engage in or carry on ancillary services related to those clearing, settlement and payment services.

• Marginal note:Terms and conditions

  (2) The Minister may impose any terms and conditions in respect of the provision of financial services provided by a retail association as the Minister considers necessary or appropriate. The Minister may also vary or revoke any of those terms and conditions.

• Marginal note:Regulations

  (3) The Governor in Council may make regulations

  • (a) respecting what an association may or may not do with respect to the provision of services and products referred to in paragraphs (1)(a) and (b); and

  • (b) imposing terms and conditions in respect of the provision of services and products referred to in paragraphs (1)(a) and (b).