Federal Credit Union Conversion Regulations (SOR/2012-268)

1 (1) The following definitions apply in these Regulations.

Act

Act means the Bank Act. (Loi)

board authorization

board authorization means the decision by the board of directors of a federal credit union to pursue conversion. (autorisation du conseil)

conversion

conversion means a federal credit union becoming a bank with common shares as a result of the issuance of letters patent by the Minister under section 216.08 of the Act. (transformation)

converted credit union

converted credit union means a federal credit union that has been converted into a bank with common shares. (transformée)

converting credit union

converting credit union means a federal credit union that is proposing to convert into a bank with common shares. (en transformation)

market terms and conditions

market terms and conditions has the same meaning as in subsection 501(2) of the Act. (conditions du marché)

related party

related party has the same meaning as in section 486 of the Act. (apparenté)

value of the converting credit union

value of the converting credit union means the market value of the converting credit union as of the day on which the conversion occurs or such other day as may be specified by the Superintendent under paragraph 7(a), including that of its membership shares and shares, if any, but excluding

• (a) any capital to be contributed as part of the conversion proposal; and

• (b) any expense to be incurred by the converting credit union to effect conversion. (valeur de la coopérative de crédit en transformation)

valuation expert

valuation expert means a person capable of providing an independent and fair certification of the value of the converting credit union. (évaluateur expert)

(2) In these Regulations, any reference to an estimated value may be read as a reference to a range of estimated values.