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

Marginal note:No constructive notice

20. No person is affected by or is deemed to have notice or knowledge of the contents of a document concerning an association by reason only that the document has been filed with the Superintendent or the Minister or is available for inspection at an office of the association.

Marginal note:Authority of directors and officers

• 21. (1) No association and no guarantor of an obligation of an association may assert against a person dealing with the association or against a person who has acquired rights from the association that

  • (a) the association’s incorporating instrument or any by-laws of the association have not been complied with;

  • (b) the persons named as directors of the association in the most recent return sent to the Superintendent under section 432 are not the directors of the association;

  • (c) the place named in the incorporating instrument or by-laws of the association is not the place where the head office of the association is situated;

  • (d) a person held out by the association as a director, officer or representative of the association has not been duly appointed or has no authority to exercise the powers and perform the duties that are customary in the business of the association or usual for a director, officer or representative; or

  • (e) a document issued by any director, officer or representative of the association with actual or usual authority to issue the document is not valid or not genuine.

• Marginal note:Exception — knowledge

  (2) Subsection (1) does not apply in respect of a person who has or ought to have knowledge of a situation described in that subsection by virtue of their relationship to the association.

Marginal note:Sunset provision

• 22. (1) Subject to subsections (2) and (4), associations shall not carry on business after the day that is the fifth anniversary of the day on which this section comes into force.

• Marginal note:Extension

  (2) The Governor in Council may, by order, extend by up to six months the time during which associations may continue to carry on business. No more than one order may be made under this subsection.

• Marginal note:Order not a regulation

  (3) The order is not a regulation for the purposes of the Statutory Instruments Act. However, it shall be published in Part II of the Canada Gazette.

• Marginal note:Exception

  (4) If Parliament dissolves on the fifth anniversary of the day on which this section comes into force, on any day within the six-month period before that anniversary or on any day within an extension under subsection (2), associations may continue to carry on business until the end of 180 days after the first day of the first session of the next Parliament.