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

Act current to 2014-11-25 and last amended on 2013-12-12. Previous Versions

PART XIISELF-DEALING

Interpretation and Application

Definition of “senior officer”

 For the purposes of this Part, a “senior officer” of a body corporate is a person who is

  • (a) a director of the body corporate who is a full-time employee of the body corporate;

  • (b) the chief executive officer, chief operating officer, president, secretary, treasurer, controller, chief financial officer, chief accountant, chief auditor or chief actuary of the body corporate;

  • (c) a natural person who performs functions for the body corporate similar to those performed by a person referred to in paragraph (b);

  • (d) the head of the strategic planning unit of the body corporate;

  • (e) the head of the unit of the body corporate that provides legal services or human resources services to the body corporate; or

  • (f) any other officer reporting directly to the body corporate’s board of directors, chief executive officer or chief operating officer.

  • 1997, c. 15, s. 150.
Marginal note:Related party of association
  •  (1) For the purposes of this Part, a person is a related party of an association where the person

    • (a) is a person, other than a member, who has a significant interest in a class of shares of the association;

    • (b) is a director or senior officer of the association or of a body corporate that controls the association;

    • (c) is the spouse or common-law partner, or a child who is less than eighteen years of age, of a person described in paragraph (a) or (b);

    • (d) is an entity that is controlled by a person referred to in any of paragraphs (a) to (c);

    • (d.1) is an entity in which a person who controls the association has a substantial investment; or

    • (e) is a person, or a member of a class of persons, designated under subsection (2) or (3) as, or deemed under subsection (4) to be, a related party of the association.

    • (f) and (g[Repealed, 1997, c. 15, s. 151]

  • Marginal note:Related party of retail association

    (1.1) Subject to the regulations, for the purposes of this Part, a person is a related party of a retail association if the person is

    • (a) a member of the association or of an association that controls, or has a significant interest in, the association;

    • (b) a director or senior officer of the association or of a body corporate that controls the association;

    • (c) the spouse or common-law partner, or a child who is less than eighteen years of age, of a person referred to in paragraph (a) or (b);

    • (d) an entity that is controlled, within the meaning of section 3, determined without regard to paragraph 3(1)(e), by a person referred to in any of paragraphs (a) to (c); or

    • (e) a person, or a member of a class of persons, designated under subsection (2) or (3) as, or deemed under subsection (4) to be, a related party of the association.

  • Marginal note:Exception — subsidiaries and substantial investments of associations

    (1.2) If an entity in which an association has a substantial investment would, but for this subsection, be a related party of the association only because a person who controls the association controls the entity or has a substantial investment in the entity, and the person does not control the entity or have a substantial investment in the entity otherwise than through the person’s controlling interest in the association, the entity is not a related party of the association.

  • Marginal note:Designated related party

    (2) For the purposes of this Part, the Superintendent may, with respect to a particular association, designate as a related party of the association any person or class of persons whose direct or indirect interest in or relationship with the association or a related party of the association might reasonably be expected to affect the exercise of the best judgment of the association in respect of a transaction.

  • Marginal note:Idem

    (3) Where a person is designated as a related party of an association pursuant to subsection (2), the Superintendent may also designate any entity in which the person has a substantial investment and any entity controlled by such an entity to be a related party of the association.

  • Marginal note:Deemed related party

    (4) Where, in contemplation of a person becoming a related party of an association, the association enters into a transaction with the person, the person is deemed for the purposes of this Part to be a related party of the association in respect of that transaction.

  • Marginal note:Exemption

    (5) The Superintendent may, by order, designate a class of non-voting shares of an association for the purpose of this subsection. If a class of non-voting shares of an association is so designated, a person is deemed, notwithstanding paragraph (1)(a), not to be a related party of the association if the person would otherwise be a related party of the association only because the person has a significant interest in that class.

  • Marginal note:Determination of control

    (6) For the purposes of paragraph (1)(d), “controlled” means “controlled, within the meaning of section 3, determined without regard to paragraph 3(1)(e)”.

  • (7) [Repealed, 1997, c. 15, s. 151]

  • 1991, c. 48, s. 410;
  • 1997, c. 15, s. 151;
  • 2000, c. 12, s. 86;
  • 2001, c. 9, s. 315.