Cooperative Energy Act (S.C. 1980-81-82-83, c. 108)

Act current to 2014-08-05 and last amended on 2011-10-17. Previous Versions

Cooperative Energy Act

S.C. 1980-81-82-83, c. 108

Assented to 1982-07-07

An Act to establish the Cooperative Energy Corporation and the Cooperative Energy Development Corporation

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

SHORT TITLE

Marginal note:Short title

 This Act may be cited as the Cooperative Energy Act.

INTERPRETATION

Marginal note:Definitions
  •  (1) In this Act,

    “Agreement”

    « Entente »

    “Agreement” means the Canada/Cooperative Energy Investment Agreement entered into between certain cooperatives and Her Majesty The Queen in right of Canada, represented by the Minister, bearing the formal date of the 18th day of December, 1981, tabled in the House of Commons on May 17, 1982 as Sessional Paper No. 321—7/53 and all amendments thereto made from time to time that are not inconsistent with the purpose, intent and objectives set out therein;

    “central cooperative credit society”

    « société coopérative de crédit centrale »

    “central cooperative credit society” means a cooperative organization incorporated or organized by or pursuant to an Act of Parliament or of the legislature of a province, the membership or shareholders of which consist wholly or substantially of local cooperative credit societies and the principal purpose of which is to provide services to its members or shareholders;

    “cooperative”

    « coopérative »

    “cooperative” means

    • (a) any organization incorporated, continued or organized by or pursuant to an Act of Parliament or of the legislature of a province as a cooperative or a cooperative society, association or federation, including, without limiting the generality of the foregoing,

      • (i) a wheat pool, a grain trading cooperative or an agricultural product trading cooperative, and

      • (ii) a local cooperative credit society, central cooperative credit society or federation of cooperative credit societies,

    • (b) a financial service corporation or an insurance corporation, incorporated by or pursuant to an Act of Parliament or of the legislature of a province, the principal purpose of which is to provide financial services to, or to insure, cooperatives and members of cooperatives, and

    • (c) any corporation, incorporated by or pursuant to an Act of Parliament or of the legislature of a province, all of the issued shares of which, other than the minimum number of shares of the corporation, if any, that are required to be held by directors thereof, are owned by cooperatives;

    “Corporation”

    « Société »

    “Corporation” means the corporation incorporated by Part I;

    “Development Corporation”

    « Société de développement »

    “Development Corporation” means the corporation incorporated by Part II;

    “Director”

    « Directeur »

    “Director” has the same meaning as in the Canada Business Corporations Act;

    “Equity Debenture”

    « débenture à participation »

    “Equity Debenture” means a debenture of the Corporation, described on its face as an “Equity Debenture”, issued, pursuant to the Agreement, to Her Majesty in right of Canada as represented by the Minister or to a cooperative;

    “federation of cooperative credit societies”

    « fédération de sociétés coopératives de crédit »

    “federation of cooperative credit societies” means a federation, league or corporation incorporated or organized by or pursuant to an Act of Parliament or of the legislature of a province, the membership or the shareholders of which include two or more central cooperative credit societies;

    “local cooperative credit society”

    « société coopérative de crédit locale »

    “local cooperative credit society” means a cooperative organization incorporated or organized by or pursuant to an Act of Parliament or of the legislature of a province, the membership or the shareholders of which consist wholly or substantially of natural persons and the principal purpose of which is to receive deposits from its members or shareholders and make loans to its members or shareholders;

    “Minister”

    « Ministre »

    “Minister” means the Minister of Natural Resources.

  • Marginal note:Words and expressions

    (2) Unless otherwise provided, words and expressions used in this Act have the same meaning as in the Canada Business Corporations Act.

  • 1980-81-82-83, c. 108, s. 2;
  • 1994, c. 41, s. 37.