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

Act current to 2015-11-16 and last amended on 2015-06-23. Previous Versions

Marginal note:Disclosure by Superintendent
  •  (1) The Superintendent shall disclose at such times and in such manner as the Minister may determine, such information obtained by the Superintendent under this Act as the Minister considers ought to be disclosed for the purposes of the analysis of the financial condition of an association and that

    • (a) is contained in returns filed pursuant to the Superintendent’s financial regulatory reporting requirements in respect of associations; or

    • (b) has been obtained as a result of an industry-wide or sectoral survey conducted by the Superintendent in relation to an issue or circumstances that could have an impact on the financial condition of associations.

  • Marginal note:Prior consultation required

    (2) The Minister shall consult with the Superintendent before making any determination under subsection (1).

  • 1991, c. 48, s. 436;
  • 1994, c. 26, s. 28;
  • 1996, c. 6, s. 57.
Marginal note:Disclosure by an association

 An association shall make available to the public such information concerning

  • (a) the compensation of its executives, as that expression is defined by the regulations, and

  • (b) its business and affairs for the purpose of the analysis of its financial condition,

in such form and manner and at such times as may be required by or pursuant to such regulations as the Governor in Council may make for the purpose.

  • 1996, c. 6, s. 57.
Marginal note:Exceptions to disclosure

 No information obtained by an association regarding any of its customers shall be disclosed or made available under subsection 436(1) or section 436.1.

  • 1996, c. 6, s. 57.
Marginal note:Report respecting disclosure

 The Superintendent shall prepare a report, to be included in the report referred to in section 40 of the Office of the Superintendent of Financial Institutions Act, respecting the disclosure of information by associations and describing the state of progress made in enhancing the disclosure of information in the financial services industry.

  • 1996, c. 6, s. 57;
  • 2001, c. 9, s. 328.

Inspection of Associations

Marginal note:Examination of associations
  •  (1) The Superintendent, from time to time, but at least once in each calendar year, shall make or cause to be made any examination and inquiry into the business and affairs of each association that the Superintendent considers to be necessary or expedient to determine whether the association is complying with the provisions of this Act and whether the association is in a sound financial condition and, after the conclusion of each examination and inquiry, shall report on it to the Minister.

  • Marginal note:Access to records of association

    (2) The Superintendent or a person acting under the Superintendent’s direction

    • (a) has a right of access to any records, cash, assets and security held by or on behalf of an association; and

    • (b) may require the directors, officers and auditor of an association to provide information and explanations, to the extent that they are reasonably able to do so, in respect of the condition and affairs of the association or any entity in which the association has a substantial investment.

  • 1991, c. 48, s. 437;
  • 2001, c. 9, s. 329;
  • 2012, c. 5, s. 119.