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

Marginal note:Definitions

88. In this section and sections 89 to 142,

“adverse claim”

« opposition »

“adverse claim” includes a claim that a transfer was or would be wrongful or that a particular adverse person is the owner of or has an interest in a security;

“bona fide purchaser”

« acheteur de bonne foi »

“bona fide purchaser” means a purchaser for value in good faith and without notice of any adverse claim who takes delivery of a security in bearer form or order form or of a security in registered form issued to the purchaser or endorsed to the purchaser or endorsed in blank;

“clearing agency”

« agence de compensation et de dépôt »

“clearing agency” means a person designated as a recognized clearing agency by the Superintendent;

“delivery”

« livraison » ou « remise »

“delivery” means voluntary transfer of possession;

“fungible”

« fongibles »

“fungible”, in respect of securities, means securities of which any unit is, by nature or usage of trade, the equivalent of any other like unit;

“genuine”

« authentique »

“genuine” means free of forgery or counterfeit;

“good faith”

« bonne foi »

“good faith” means honesty in fact in the conduct of the transaction concerned;

“over-issue”

« émission excédentaire »

“over-issue” means the issue of securities in excess of any maximum number of securities that the issuer is authorized to issue;

“purchaser”

« acquéreur »

“purchaser” means a person who takes an interest in a security by sale, mortgage, pledge, issue, reissue, gift or any other voluntary transaction;

“securities broker”

« courtier »

“securities broker” means a person who is engaged for all or part of the person’s time in the business of buying and selling securities and who, in the transaction concerned, acts for, or buys a security from, or sells a security to, a customer;

“security” or “security certificate”

« valeur mobilière », « titre » ou « certificat de valeur mobilière »

“security” or “security certificate” means an instrument issued by an association that is

• (a) in bearer, order or registered form,

• (b) of a type commonly dealt in on securities exchanges or markets or commonly recognized in any area in which it is issued or dealt in as a medium for investment,

• (c) one of a class or series or by its terms divisible into a class or series of instruments, and

• (d) evidence of a share, participation or other interest in or obligation of an association,

but does not include an instrument evidencing a deposit or a membership share;

“trust indenture”

« acte de fiducie »

“trust indenture” has the meaning given that expression by section 278;

“unauthorized”

« non autorisé »

“unauthorized”, in relation to a signature or an endorsement, means a signature or an endorsement made without actual, implied or apparent authority, and includes a forgery;

“uncertificated security”

« valeur mobilière sans certificat »

“uncertificated security” means a security, not evidenced by a security certificate, the issue and any transfer of which is registered or recorded in records maintained for that purpose by or on behalf of an association;

“valid”

« valide »

“valid” means issued in accordance with the applicable law or validated under section 104.