Economic Action Plan 2014 Act, No. 2 (S.C. 2014, c. 39)
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Assented to 2014-12-16
PART 4VARIOUS MEASURES
Division 22Central Cooperative Credit Societies and Federal Credit Unions
1991, c. 46Bank Act
Marginal note:2010, c. 12, s. 1911
272. Subsection 35.1(2) of the Act is replaced by the following:
Marginal note:Power to issue letters patent
(2) On the application of a local cooperative credit society under subsection 33(3) or (4), the Minister may, subject to this Part, issue letters patent continuing the local cooperative credit society as a federal credit union only if
(a) the Minister is of the opinion that the local cooperative credit society has complied with the regulations respecting notice and disclosure requirements;
(b) the Minister is of the opinion that the federal credit union that results from the amalgamation will satisfy the requirements for incorporation as a federal credit union; and
(c) the Minister will, immediately after issuing letters patent for the continuance, issue letters patent for the amalgamation under subsection 229(1).
273. Section 37 of the Act is amended by adding the following after subsection (2):
Marginal note:Notice of continuance and amalgamation
(3) In the case of a continuance that results from an application made under subsection 33(3) or (4), the Superintendent may publish, in the form of a single notice, the notice referred to subsection (2), the notice required under subsection 229(3) in respect of the amalgamation and any notice required under subsection (2) in respect of other applicants for the amalgamation.
274. Section 223 of the Act is amended by adding the following after subsection (1.1):
Marginal note:Federal credit union and local cooperative credit society
(1.2) On the joint application of one or more federal credit unions and one or more local cooperative credit societies that have applied under subsection 33(3) to be continued as federal credit unions, the Minister may issue letters patent amalgamating and continuing the applicants as one federal credit union.
Marginal note:Local cooperative credit societies
(1.3) On the joint application of two or more local cooperative credit societies that have applied under subsection 33(4) to be continued as federal credit unions, the Minister may issue letters patent amalgamating and continuing the applicants as one federal credit union.
Marginal note:2010, c. 12, s. 2000(1)
275. (1) Subsection 226(1) of the Act is replaced by the following:
Marginal note:Approval
226. (1) The directors of each applicant must submit an amalgamation agreement for approval to a meeting of the shareholders of the applicant — or, if the applicant is a federal credit union or a local cooperative credit society, to a meeting of its members and to a meeting of its shareholders, if any.
Marginal note:2010, c. 12, s. 2000(2)
(2) Subsection 226(4) of the English version of the Act is replaced by the following:
Marginal note:Special resolution
(4) Subject to subsection (3), an amalgamation agreement is approved when the shareholders of each applicant bank or body corporate have approved the amalgamation by special resolution or, if an applicant is a federal credit union or a local cooperative credit society, the members and shareholders, if any, have approved the amalgamation by separate special resolutions.
276. Section 229 of the Act is amended by adding the following after subsection (1):
Marginal note:Exception
(1.1) In the case of an application made under subsection 223(1.2) or (1.3), the Minister shall not issue letters patent of amalgamation unless the Minister has issued, under subsection 35.1(2), letters patent continuing as a federal credit union each applicant that was a local cooperative credit society.
277. Paragraph 231(2)(a) of the Act is replaced by the following:
(a) with respect to any matter described in paragraph (1)(a), 30 days after the date of issue of the letters patent or
(i) if the activity is conducted under an agreement existing on the date of issue of the letters patent, the expiry of the agreement, or
(ii) if the bank is a federal credit union and an undertaking to cease engaging in the activity has been given under subsection 973.02(1), the cessation date set out in the undertaking in respect of the activity;
1991, c. 48Cooperative Credit Associations Act
Marginal note:2001, c. 9, s. 248(3)
278. (1) The definition “league” in section 2 of the Cooperative Credit Associations Act is repealed.
(2) Section 2 of the Act is amended by adding the following in alphabetical order:
“federal league”
« confédération fédérale »
“federal league” means a cooperative corporation incorporated under an Act of Parliament whose membership consists wholly or primarily of federal credit unions and whose principal purpose is the provision of administrative, technical, research and consultative services, and goods related to those services, to any cooperative credit society or to persons intending to organize or operate such a society;
“provincial league”
« confédération provinciale »
“provincial league” means a cooperative corporation incorporated under an Act of the legislature of a province whose membership consists wholly or primarily of local cooperative credit societies and whose principal purpose is the provision of administrative, technical, research and consultative services, and goods related to those services, to any cooperative credit society or to persons intending to organize or operate such a society;
Marginal note:2001, c. 9, s. 252
279. Section 13.1 of the Act is repealed.
Marginal note:2001, c. 9, s. 256
280. Paragraph 24(b) of the Act is amended by striking out “or” at the end of subparagraph (ii) and by replacing subparagraph (iii) with the following:
(iii) two or more provincial leagues not all of which are incorporated under the laws of one province, or
(iv) a federal credit union or a federal league.
281. Section 27 of the Act is amended by striking out “and” at the end of paragraph (g) and by adding the following after that paragraph:
(g.1) the predominance of associations, federal credit unions or federal leagues, or any combination of them, as members within the association; and
Marginal note:2007, c. 6, s. 143
282. The portion of section 36 of the Act before paragraph (c) is replaced by the following:
Marginal note:Name
36. The name of an association, other than the former-Act association, shall include
(a) the phrase “federal cooperative” or “coopérative fédérale”, along with another word or expression indicating the financial nature of the association;
(b) the phrase “federal central credit union”, “federal credit union central” or “fédération de caisses populaires fédérale”;
Marginal note:2001, c. 9, s. 263
283. Subsection 41(1) of the Act is replaced by the following:
Marginal note:Members
41. (1) Only a person that is an association, a federal credit union, a central cooperative credit society, a local cooperative credit society, a cooperative corporation, a federal or provincial league or an unincorporated organization consisting wholly of any of those entities may be admitted to membership in an association.
Marginal note:2001, c. 9, s. 265
284. (1) The portion of subsection 50(1) of the Act before paragraph (a) is replaced by the following:
Marginal note:Minimum membership
50. (1) The membership in a retail association and the former-Act association must include at least
Marginal note:2001, c. 9, s. 265
(2) Subsection 50(1) of the Act is amended by striking out “or” at the end of paragraph (c) and by replacing paragraph (d) with the following:
(d) two provincial leagues not all of which are incorporated under the laws of one province; or
(e) a federal credit union or a federal league.
(3) Section 50 of the Act is amended by adding the following after subsection (1):
Marginal note:Predominately federal membership
(1.1) The membership of an association that is not a retail association or the former-Act association must be predominated by associations other than retail associations, by federal credit unions, by federal leagues or by any combination of them.
Marginal note:2001, c. 9, s. 265
(4) The portion of subsection 50(2) of the Act before paragraph (a) is replaced by the following:
Marginal note:If minimum not attained
(2) If, at any time, the membership in an association is not in accordance with subsection (1) or (1.1), as the case may be, the association shall without delay take the steps that are necessary to
Marginal note:2001, c. 9, s. 289
285. (1) Subsection 233.1(1) of the Act is replaced by the following:
Marginal note:Sale by association
233.1 (1) An association may sell all or substantially all of its assets to a financial institution incorporated under an Act of Parliament, a bank holding company or an authorized foreign bank in respect of its business in Canada if the purchasing financial institution, bank holding company or authorized foreign bank assumes all or substantially all of the liabilities of the association.
Marginal note:2001, c. 9, s. 289
(2) Subsection 233.1(3) of the Act is replaced by the following:
Marginal note:Consideration
(3) Despite anything in this Act, the consideration for a sale referred to in subsection (1) may be cash or fully paid securities of the purchasing financial institution, bank holding company or authorized foreign bank or in part cash and in part fully paid securities of the purchasing financial institution, bank holding company or authorized foreign bank or any other consideration that is provided for in the sale agreement.
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