54. This Part applies to every application for an exemption under subsection 4(6) or 167(1), section 248 or subsection 263(2) or 267(2) of the Act.

• 55. (1) An application for an exemption under

  • (a) subsection 4(6) of the Act may be made at any time;

  • (b) subsection 167(1) of the Act shall be made before the date of the notice referred to in subsection 165(1) of the Act;

  • (c) section 248 of the Act shall be made at least 60 days before the documents in respect of which the exemption is requested are to be sent to the Director;

  • (d) subsection 263(2) of the Act may be made at any time; and

  • (e) subsection 267(2) of the Act shall be made at least 30 days before the cooperative is required to comply with Part 8 of the Act.

• (2) Despite subsection (1), the Director shall extend the time for making an application for an exemption if the applicant establishes that no prejudice will result from the extension.

56. The Director shall, within 30 days after receipt of an application for an exemption, grant the exemption requested or send to the applicant written notice of the refusal together with reasons for the refusal.

57. The Director may request that an applicant for an exemption furnish the Director with further information or that any other person furnish the Director with information in writing that is relevant to the application.

58. The Director shall furnish the applicant for an exemption with a copy of any information received from any other person under section 57 and shall allow the applicant a reasonable opportunity to respond in writing.

59. If an applicant for an exemption or a person from whom the Director has requested information under section 57 does not provide the information within the time specified by the Director, the Director may deal with the application without regard to the information.

60. For the purpose of section 345 of the Act, the Director is deemed to have refused to grant an exemption if the exemption is not granted or the written notice of the refusal is not sent within the time specified in section 56.

60.1 For the purpose of paragraph 337.5(1)(b) of the Act, the prescribed amount of the value of the plaintiff’s total financial interest is $20,000.

• 60.2 (1) For the purpose of subsection 376.2(1) of the Act, the prescribed circumstances are that

  • (a) there is an obvious error in the articles or in the related certificate;

  • (b) there is an error in the articles or in the related certificate that was made by the Director;

  • (c) the cancellation of the articles and related certificate is ordered by a court; or

  • (d) the Director lacked the authority to issue the articles and related certificate.

• (2) For the purpose of subsection 376.2(3) of the Act, the prescribed circumstances are that there is no dispute among the directors, members or shareholders as to the circumstances of the request for cancellation and

  • (a) the cooperative has not used the articles and related certificate; or

  • (b) if it has used them, anyone dealing with the cooperative on the basis of the articles and related certificate has consented to the cancellation.