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

Act current to 2013-04-29 and last amended on 2012-12-19. Previous Versions

13. [Repealed, 2005, c. 54, s. 142]

Previous Version
Marginal note:References in other Acts

13.1 A reference in any other Act of Parliament to “an association to which the Cooperative Credit Associations Act applies” is to be construed as not including a central cooperative credit society for which an order has been made under subsection 473(1).

  • 2001, c. 9, s. 252.

Application

Marginal note:Application of Act

14. This Act applies to the former-Act association, and to every body corporate incorporated or formed by or under this Act, so long as it is not discontinued under this Act.

  • 1991, c. 48, s. 14;
  • 2001, c. 9, s. 253.
Marginal note:Conflicting provisions

15. Where there is a conflict or inconsistency between a provision of this Act and a provision of the incorporating instrument of the former-Act association, the provision of this Act prevails.

PART II

STATUS AND POWERS

Marginal note:Corporate powers

  • 16. (1) An association has the capacity of a natural person and, subject to this Act, the rights, powers and privileges of a natural person.

  • Marginal note:Powers restricted

    (2) An association shall not carry on any business or exercise any power that it is restricted by this Act from carrying on or exercising, or exercise any of its powers in a manner contrary to this Act.

  • Marginal note:Business in Canada

    (3) An association may carry on business throughout Canada.

  • Marginal note:Powers outside Canada

    (4) Subject to this Act, an association has the capacity to carry on its business, conduct its affairs and exercise its powers in any jurisdiction outside Canada to the extent and in the manner that the laws of that jurisdiction permit.

Marginal note:No invalidity

17. No act of an association, including any transfer of property to or by an association, is invalid by reason only that the act or transfer is contrary to the association’s incorporating instrument or this Act.

Marginal note:By-law not necessary

18. It is not necessary for an association to pass a by-law in order to confer any particular power on the association or its directors.

Marginal note:No personal liability

19. The members and shareholders of an association are not, by reason only of holding membership shares or shares of the association, liable for any liability, act or default of the association except as otherwise provided by this Act.