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

Marginal note:Agents

246. An association may appoint an agent to maintain its central securities register.

Marginal note:Location of central securities register

247. The central securities register of an association shall be maintained by the association at its head office or at any other place in Canada designated by the directors of the association.

Marginal note:Effect of registration

248. Registration of the issue or transfer of a security in the central securities register is complete and valid registration for all purposes.

Marginal note:Destruction of certificates

249. An association, its agent or a trustee within the meaning of section 278 is not required to produce

• (a) a cancelled security certificate in registered form or an instrument referred to in subsection 77(1) that is cancelled or a like cancelled instrument in registered form after six years from the date of its cancellation;

• (b) a cancelled security certificate in bearer form or an instrument referred to in subsection 77(1) that is cancelled or a like cancelled instrument in bearer form after the date of its cancellation; or

• (c) an instrument referred to in subsection 77(1) or a like instrument, irrespective of its form, after the date of its expiration.

Marginal note:Publication of name

250. An association shall set out its name in legible characters in all contracts, invoices, negotiable instruments and other documents evidencing rights or obligations with respect to other parties that are issued or made by or on behalf of the association.

Marginal note:Corporate seal

• 251. (1) An association may adopt a corporate seal and change one that it adopted.

• Marginal note:Validity of unsealed documents

  (2) A document executed on behalf of an association is not invalid merely because a corporate seal is not affixed to it.

252. to 259. [Repealed, 1997, c. 15, s. 130]

Marginal note:Definitions

• 260. (1) In this section and sections 261 to 267,

  “business combination”

  « regroupement d’entreprises »

  “business combination” means an acquisition of all or substantially all of the assets of one body corporate by another, an amalgamation of two or more bodies corporate or any similar reorganization between two or more bodies corporate;

  “call”

  « option d’achat »

  “call” means an option, transferable by delivery, to demand delivery of a specified number or amount of shares at a fixed price within a specified time but does not include an option or right to acquire shares of the body corporate that granted the option or right to acquire;

  “distributing association”

  “distributing association”[Repealed, 2005, c. 54, s. 192]

  “insider”

  “insider”[Repealed, 2005, c. 54, s. 192]

  “officer”

  « dirigeant d’une association »

  “officer”, in relation to an association, means

  • (a) an officer as defined in paragraph (a) of the definition “officer” in section 2, or

  • (b) any natural person who performs functions for the association similar to those performed by a person referred to in paragraph (a) of the definition “officer” in section 2;

  “put”

  « option de vente »

  “put” means an option, transferable by delivery, to deliver a specified number or amount of shares at a fixed price within a specified time;

  “share”

  « action »

  “share” means a voting share and includes

  • (a) a security currently convertible into a voting share, and

  • (b) a currently exercisable option or a right to acquire a voting share or a security referred to in paragraph (a),

  but does not include a membership share.

• Marginal note:Control

  (2) For the purposes of this section and sections 261 to 267, a person controls a body corporate when the person controls the body corporate within the meaning of section 3, determined without regard to paragraph 3(1)(e).

• (3) and (4) [Repealed, 2005, c. 54, s. 192]