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

Act current to 2014-10-27 and last amended on 2013-12-12. Previous Versions

Marginal note:Term of first directors

 A director named in the application for letters patent to incorporate an association holds office until the close of the meeting called pursuant to subsection 54(1).

Commencement and Carrying on of Business

Marginal note:Order to commence and carry on business
  •  (1) An association shall not carry on any business until the Superintendent has, by order, approved the commencement and carrying on of business by the association.

  • Marginal note:Former-Act association

    (2) A certificate or any other authorization that was given to the former-Act association and that is in effect immediately before the coming into force of this Part is deemed to be an order of the Superintendent under subsection (1).

  • Marginal note:Continued association

    (3) Except in respect of a body corporate that is continued as an association under this Act for the purpose of immediately amalgamating with one or more bodies corporate and continuing as an association under this Act, if letters patent continuing a body corporate as an association under this Act are issued, the Superintendent shall make an order approving the commencement and carrying on of business by the association.

  • Marginal note:Amalgamated association

    (4) If letters patent amalgamating and continuing two or more bodies corporate as an association under this Act are issued, the Superintendent shall make an order approving the commencement and carrying on of business by the association.

  • Marginal note:S. 57(2) and s. 60 do not apply

    (5) For greater certainty, subsection 57(2) and section 60 do not apply in respect of an association referred to in subsection (3) or (4).

  • 1991, c. 48, s. 56;
  • 2005, c. 54, s. 145.
Marginal note:Authority to make order
  •  (1) On application by an association, the Superintendent may make an order approving the commencement and carrying on of business by the association.

  • Marginal note:Statement of payments

    (2) An application by an association for an order under subsection (1) must contain a statement setting out the amounts paid or to be paid by the association in connection with its incorporation and organization.

Marginal note:No payments before order

 Until an order approving the commencement and carrying on of business is made for an association, the association shall not make any payment on account of incorporation or organization expenses out of the paid-in capital of the association and interest thereon, except reasonable sums

  • (a) for the remuneration of not more than two officers;

  • (b) for the payment of costs related to the issue of membership shares and shares of the association; and

  • (c) for the payment of clerical assistance, legal services, accounting services, office accommodation at one location, office expenses, advertising, stationery, postage and travel expenses.