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

Act current to 2017-06-19 and last amended on 2017-01-15. Previous Versions

Marginal note:Notice of refusal
  •  (1) If an association refuses to include a proposal in a notice of a meeting referred to in paragraph 146(1)(a), it shall, in writing and within the prescribed period after the day on which it receives the proposal, notify the member submitting the proposal of its intention to omit the proposal from the notice and of the reasons for the refusal.

  • Marginal note:Application to court

    (2) On the application of a member submitting a proposal who claims to be aggrieved by an association’s refusal under subsection (1), a court may restrain the holding of the meeting at which the proposal is sought to be presented and make any further order that it thinks fit.

  • Marginal note:Idem

    (3) An association or any person claiming to be aggrieved by a proposal may apply to a court for an order permitting the association to omit the proposal from a notice of a meeting, and the court, if it is satisfied that subsection 152(3) applies, may make such order as it thinks fit.

  • Marginal note:Notice to Superintendent

    (4) An applicant under subsection (2) or (3) shall give the Superintendent written notice of the application and the Superintendent may appear and be heard at the hearing of the application in person or by counsel.

  • 1991, c. 48, s. 153;
  • 2005, c. 54, s. 160.
Marginal note:List of members entitled to notice
  •  (1) An association shall, at the close of business on the day immediately preceding the day on which notice of a meeting is to be sent under paragraph 146(1)(a), prepare an alphabet­ical list of members entitled to receive notice.

  • Marginal note:List of shareholders entitled to notice

    (2) An association shall prepare an alphabet­ical list of shareholders entitled to receive notice of a meeting under paragraph 146(1)(b) showing the number of shares held by each shareholder

    • (a) if a record date is fixed under paragraph 145(1)(b), no later than 10 days after that date; and

    • (b) if no record date is fixed, on the record date determined under paragraph 145(2)(a).

  • Marginal note:Voting list

    (3) The association shall prepare an alphabetical list of shareholders entitled to vote as of the record date showing the number of shares held by each shareholder

    • (a) if a record date is fixed under paragraph 145(1)(c), no later than 10 days after that date; and

    • (b) if a record date is not fixed under paragraph 145(1)(c), no later than 10 days after a record date is fixed under paragraph 145(1)(b) or no later than the record date determined under paragraph 145(2)(a), as the case may be.

  • Marginal note:Entitlement to vote

    (4) A shareholder whose name appears on a list prepared under subsection (3) is entitled to vote the shares shown opposite their name.

  • Marginal note:Examination of list

    (5) A member or shareholder may examine the list of members or shareholders

    • (a) during usual business hours at the head office of the association or at the place where its members register is maintained; and

    • (b) at the meeting for which the list was prepared.

  • 1991, c. 48, s. 154;
  • 2001, c. 9, s. 274;
  • 2005, c. 54, s. 161.
Marginal note:Quorum — members
  •  (1) Unless the by-laws otherwise provide, a quorum is present at a meeting of members if members holding a majority of the voting rights that may be exercised at the meeting are represented by a personal representative or delegate.

  • Marginal note:Quorum — shareholders

    (2) Unless the by-laws otherwise provide, a quorum of shareholders is present at a meeting of shareholders if the holders of a majority of the shares who are entitled to vote at the meeting are present in person or represented by proxyholders.

  • Marginal note:Quorum

    (3) If a quorum is present at the opening of a meeting of members or shareholders, the members or shareholders present may, unless the by-laws otherwise provide, proceed with the business of the meeting, notwithstanding that a quorum is not present throughout the meeting.

  • Marginal note:Idem

    (4) If a quorum is not present at the opening of a meeting of members or shareholders, the members or shareholders present may adjourn the meeting to a fixed time and place but may not transact any other business.

Marginal note:One shareholder meeting

 If an association has only one shareholder, or only one holder of any class or series of shares, the shareholder present in person or represented by a proxyholder constitutes a meeting of shareholders or a meeting of shareholders of that class or series.

Marginal note:One share — one vote

 Where a share of an association entitles the holder thereof to vote at a meeting, that share entitles the shareholder to one vote at the meeting.

Marginal note:Representative shareholder
  •  (1) Subject to subsection 42(2), if an entity is a member or shareholder of an association, the association shall recognize any natural person authorized by a resolution of the directors or governing body or similar authority of the entity to represent it at meetings of members or shareholders.

  • Marginal note:Idem

    (2) A natural person authorized under subsection (1) to represent an entity may exercise on behalf of the entity all the powers the entity could exercise if it were a natural person, as well as a member or a shareholder.

Marginal note:Joint shareholders

 Unless the by-laws otherwise provide, if two or more persons hold shares jointly, one of those holders present at a meeting may in the absence of the others vote the shares, but if two or more of those persons who are present in person or represented by proxyholder vote, they shall vote as one on the shares jointly held by them.

Marginal note:Voting by hands or ballot
  •  (1) Unless the by-laws otherwise provide, voting at a meeting of members or shareholders shall take place by show of hands except when a ballot is demanded by a person entitled to vote at the meeting.

  • Marginal note:Ballot

    (2) A person entitled to vote may demand a ballot either before or after any vote by show of hands.

  • Marginal note:Electronic voting

    (3) Despite subsection (1) and unless the by-laws provide otherwise, any vote referred to in that subsection may be held entirely by means of a telephonic, electronic or other communication facility if the association makes one available.

  • Marginal note:Voting while participating electronically

    (4) Unless the by-laws provide otherwise, any person who is participating in a meeting of members or shareholders under subsection 143(2) and entitled to vote at that meeting may vote by means of the telephonic, electronic or other communication facility that the association has made available for that purpose.

  • Marginal note:Voting by mail

    (5) The by-laws of an association may, subject to the regulations and any conditions set out in the by-laws, allow members to vote by mail.

  • Marginal note:Regulations

    (6) The Governor in Council may make regulations

    • (a) respecting the manner of and conditions for voting at a meeting of members or shareholders by means of a telephonic, electronic or other communication facility;

    • (b) respecting voting by mail; and

    • (c) requiring the approval by the Superintendent of a by-law made under subsection (5).

  • 1991, c. 48, s. 160;
  • 2005, c. 54, s. 162.
Marginal note:Resolution in lieu of meeting
  •  (1) Except where a written statement is submitted by a director under section 181 or by an auditor under subsection 305(1),

    • (a) a resolution in writing signed by all the persons entitled to vote on that resolution at a meeting of members or shareholders is as valid as if it had been passed at such a meeting; and

    • (b) a resolution in writing dealing with all matters required by this Act to be dealt with at a meeting of members or shareholders, and signed by all the persons entitled to vote at that meeting, satisfies all the requirements of this Act relating to meetings.

  • Marginal note:Filing resolution

    (2) A copy of every resolution referred to in subsection (1) shall be kept with the minutes of the meetings.

  • Marginal note:Evidence

    (3) Unless a ballot is demanded, an entry in the minutes of a meeting that the chairperson declared a resolution to be carried or defeated is in the absence of evidence to the contrary proof of that fact without proof of the number or proportion of votes recorded in favour of or against the resolution.

  • 1991, c. 48, s. 161;
  • 2005, c. 54, s. 163.
 
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