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

Act current to 2016-05-12 and last amended on 2015-06-23. Previous Versions

Marginal note:Presumption from return

 A director named in the latest return sent by an association to the Superintendent under section 432 is presumed for the purposes of this Act to be a director of the association referred to in the return.

Marginal note:Presumption of receipt
  •  (1) A notice or document sent by mail in accordance with section 453 to a director, member or shareholder is deemed to be received by the director, member or shareholder at the time it would be delivered in the ordinary course of mail unless there are reasonable grounds for believing that the director, member or shareholder did not receive the notice or document at that time or at all.

  • Marginal note:Undelivered notices

    (2) If an association sends a notice or document to a member or shareholder in accordance with section 453 and it is returned on two consecutive occasions because the member or shareholder cannot be found, the association is not required to send any further notices or documents to them until it is informed in writing of their new address.

  • 1991, c. 48, s. 455;
  • 2005, c. 54, s. 206.
Marginal note:Service on an association

 A notice or document required by this Act to be sent to or served on an association may be sent by registered mail to the head office of the association and, if so sent, is deemed to be received or served at the time it would be delivered in the ordinary course of mail unless there are reasonable grounds for believing that the association did not receive the notice or document at that time or at all.

Marginal note:Certificate of association
  •  (1) A certificate issued on behalf of an association stating any fact that is set out in the incorporating instrument, the by-laws, the minutes of a meeting, or in a contract to which the association is a party, may be signed by a director or an officer of the association.

  • Marginal note:Proof of certain cases

    (2) When introduced as evidence in any civil, criminal or administrative action or proceeding,

    • (a) a fact stated in a certificate referred to in subsection (1),

    • (b) a certified extract from the members register of an association,

    • (c) a certified extract from a securities register of an association, or

    • (d) a certified copy of, or an extract from, minutes of a meeting

    is, in the absence of evidence to the contrary, proof of the facts so certified without proof of the signature or official character of the person appearing to have signed the certificate.

Marginal note:Entry in securities register
  •  (1) An entry in the securities register of, or on a security certificate issued by, an association is evidence that the person in whose name the security is registered is the owner of the securities described in the register or in the certificate.

  • Marginal note:Entry in members register

    (2) An entry in the members register of an association is evidence that the person in whose name a membership share is registered is a member of that association and the owner of that membership share.

  • 1991, c. 48, s. 458;
  • 2005, c. 54, s. 207(F).
Marginal note:Verification of documents or fact
  •  (1) The Superintendent may require that a document or a fact stated in a document that is required by or under this Act to be sent to the Superintendent or to the Minister be verified in accordance with subsection (2).

  • Marginal note:Form of proof

    (2) A document or fact required by this Act or by the Superintendent to be verified may be verified by affidavit made under oath or by statutory declaration under the Canada Evidence Act before any commissioner for oaths or for taking affidavits.

Marginal note:Alternative means of publication
  •  (1) Anything that is required by a provision of this Act to be published in the Canada Gazette or to be published in any other way may, instead of being published in that way, be published in any manner that may be prescribed for the purpose of that provision.

  • Marginal note:Alternative means of publishing summaries

    (2) Anything that is required by a provision of this Act to be summarized in a publication may instead be summarized and published in any manner that may be prescribed for the purpose of that provision.

  • Marginal note:Publication conditions

    (3) Any condition under a provision of this Act that something be published in the Canada Gazette or in any other way is satisfied if that thing is published instead in any manner that may be prescribed for the purpose of that provision.

  • Marginal note:Other consequences

    (4) Where a provision of this Act provides for consequences to follow the publication of something in the Canada Gazette or in any other manner, the same consequences follow the publication of that thing in any other manner that may be prescribed for the purpose of that provision.

  • 1997, c. 15, s. 159.

Approvals

Definition of approval

 In sections 459.3 to 459.8, approval includes any consent, designation, order, exemption, extension or other permission granted by the Minister or the Superintendent under this Act, and includes the issuance of letters patent.

  • 2001, c. 9, s. 337;
  • 2007, c. 6, s. 182.
Marginal note:Matters to take into account — Minister
  •  (1) In addition to any matters or conditions provided for in this Act that are relevant to the granting of an approval, the Minister may, in considering whether to grant the approval, take into account all matters that he or she considers relevant in the circumstances, including

    • (a) national security; and

    • (b) Canada’s international relations and its international legal obligations.

  • Marginal note:Matters to take into account — Superintendent

    (2) In addition to any matters or conditions provided for in this Act that are relevant to the granting of an approval and to any prudential considerations that the Superintendent considers relevant in the circumstances, the Superintendent may, in considering whether to grant the approval, take into account

    • (a) national security; and

    • (b) Canada’s international relations and its international legal obligations.

  • 2007, c. 6, s. 182.
Marginal note:Minister — terms, conditions and undertakings
  •  (1) In addition to any other action that may be taken under this Act, the Minister may, in granting an approval, impose any terms and conditions or require any undertaking that the Minister considers appropriate, including any terms, conditions or undertakings specified by the Superintendent to maintain or improve the safety and soundness of any financial institution regulated under an Act of Parliament to which the approval relates or that might be affected by it.

  • Marginal note:Commissioner — supervision of terms, conditions and undertakings

    (1.1) If the Minister specifies that the Commissioner is to supervise an association to determine if it is complying with any terms and conditions that are imposed, or undertakings that are required, by the Minister for the protection of the association’s customers, the Commissioner may take the same measures that the Commissioner could take if the terms and conditions or undertaking were a consumer provision.

  • Marginal note:Superintendent — terms, conditions and undertakings

    (2) In addition to any other action that may be taken under this Act, the Superintendent may, in granting an approval, impose any terms and conditions or require any undertaking that the Superintendent considers appropriate.

  • 2007, c. 6, s. 182;
  • 2010, c. 12, s. 1859.
Marginal note:Revocation, suspension or amendment of approval — Minister
  •  (1) The Minister may revoke, suspend or amend any approval granted by the Minister if he or she considers it appropriate to do so. In deciding whether to take any of those actions, the Minister may take into account all matters that he or she considers relevant in the circumstances, including

    • (a) national security; and

    • (b) Canada’s international relations and its international legal obligations.

  • Marginal note:Revocation, suspension or amendment of approval — Superintendent

    (2) The Superintendent may revoke, suspend or amend any approval granted by the Superintendent if he or she considers it appropriate to do so. In deciding whether to take any of those actions, the Superintendent may take into account any prudential considerations that he or she considers relevant in the circumstances and

    • (a) national security; and

    • (b) Canada’s international relations and its international legal obligations.

  • Marginal note:Representations

    (3) Before taking any action under this section, the Minister or the Superintendent, as the case may be, shall give the person concerned a reasonable opportunity to make representations.

  • 2007, c. 6, s. 182.
 
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