An Act to amend the Canada Business Corporations Act, the Canada Cooperatives Act, the Canada Not-for-profit Corporations Act and the Competition Act (S.C. 2018, c. 8)

business combination

regroupement d’entreprises Acquisition de la totalité ou de la quasi-totalité des biens d’une entité par une autre, fusion d’entités ou réorganisation similaire mettant en cause des entités. (business combination)

Marginal note:Fractional shares

• 185 (1) A cooperative may issue for each fractional investment share, a certificate in registered form or scrip certificates in registered form that entitle the holder to receive a certificate for a full investment share in exchange for scrip certificates equalling a full investment share.

• Marginal note:Replacement

  (1.1) A cooperative must, on the request of a holder of a certificate for a fractional investment share or scrip certificate that is in bearer form and that was issued before the coming into force of this subsection, issue in exchange to that holder, in registered form, a certificate for a fractional investment share or a scrip certificate, as the case may be.

• (a) the heir of a deceased security holder, or the fiduciary of the estate or succession of a deceased security holder, or of a registered security holder who is a minor, an incapable person or a missing person; or

• Marginal note:Limitation

  (2) Subsection (1) is subject to any agreement to the contrary, to the provisions of this Act, of any other applicable Act of Parliament, of any applicable Act of the legislature of a province or of any applicable regulation made under any such Act or to any applicable stock exchange rule.

• (d) if a person described in paragraph (a) is an individual and is without capacity to act by reason of death, minority or incapability, the person’s fiduciary;

Marginal note:Annual financial statements to members

• 247 (1) The directors must place before the members at every annual meeting of members

  • (a) prescribed comparative financial statements that conform to any prescribed requirements and relate separately to

Marginal note:Application for exemption

248 On the application of a cooperative, the Director may exempt the cooperative, on any terms that the Director thinks fit, from any requirement set out in section 247 or any of sections 249 to 252, if the Director reasonably believes that the detriment that may be caused to the cooperative by the requirement outweighs its benefit to the members and shareholders or, in the case of a distributing cooperative, to the public.

Marginal note:Copies to members and shareholders

251 A cooperative shall send, within a prescribed period, a copy of the prescribed documents relating to financial disclosure to the prescribed shareholders, prescribed members and other prescribed persons.

Marginal note:Export

• 287 (1) Subject to subsection (6) and Parts 20 and 21, a cooperative, on a special resolution of the members and, if the cooperative has issued investment shares, on a separate special resolution of the shareholders of each class, may, if it establishes to the satisfaction of the Director that its proposed continuance in another jurisdiction would not have an effect set out in any of paragraphs (a) to (d), apply to the appropriate official or public body of another jurisdiction requesting that the cooperative be continued as if it had been incorporated under the laws of that other jurisdiction, namely, that the continuance would not

Marginal note:Delivery of articles

• 291 (1) Subject to any revocation under subsection 130(5) or 289(2), after an amendment has been adopted, articles of amendment in the form that the Director fixes must be sent to the Director, together with any information that the Director may require.

Marginal note:Certificate of amendment

292 On receipt of articles of amendment, the Director must issue a certificate of amendment.

• Marginal note:Attached statutory declarations

  (2) A statutory declaration of a director or officer of each amalgamating cooperative must be attached to the articles of amalgamation and must establish to the satisfaction of the Director

Marginal note:Application of Part

• 307 (1) This Part, other than sections 308 and 311, does not apply to a cooperative that is an insolvent person or a bankrupt as those terms are defined in section 2 of the Bankruptcy and Insolvency Act.

• Marginal note:Staying of proceedings

  (2) Any proceedings taken under this Part to dissolve or to liquidate and dissolve a cooperative are stayed if the cooperative is at any time found, in a proceeding under the Bankruptcy and Insolvency Act, to be an insolvent person as defined in section 2 of that Act.

• b) avoir publié un avis de son intention dans une publication destinée au grand public.

• b) d’intention de dissolution, s’il s’agit d’une ordonnance de liquidation et de dissolution sous la surveillance du tribunal; il en fait publier un avis dans une publication destinée au grand public.

• a) insérée de la manière qui y est indiquée, une fois au moins chaque semaine précédant la date de l’audience, dans une publication destinée au grand public;

• b) insérer dans une publication destinée au grand public, tout en prenant des mesures raisonnables pour lui donner une certaine publicité dans chaque province ou dans tout pays étranger où la coopérative exerce ses activités commerciales, un avis obligeant :

Marginal note:Custody of documents

325 A person who has been granted custody of the documents of a dissolved cooperative remains liable to produce those documents until the end of the prescribed period or of any other shorter period fixed by an order made under subsection 322(5).

• Marginal note:Publication

  (4) Le directeur publie dans une publication destinée au grand public les renseignements qu’il a obtenus en vertu du présent article lorsque les conditions ci-après sont réunies :

• Marginal note:Définition de marché organisé

  (4) Pour l’application du présent article, marché organisé s’entend d’une bourse reconnue à laquelle est cotée la catégorie de valeurs mobilières ou d’un marché qui publie régulièrement le cours de cette catégorie dans une publication destinée au grand public.

• Marginal note:Content and form of documents

  (2) The Director may establish the requirements for the content and fix the form, including electronic or other forms, of notices and other documents sent to or issued by the Director under this Act and, in so doing, the Director may specify, among other things,

  • (a) the notices and documents that may be transmitted in electronic or other form;

  • (b) the persons or classes of persons who may sign or transmit the notices and other documents;

  • (c) their signature in electronic or other form, or the actions that are to have the same effect for the purposes of this Act as their signature; and

  • (d) the time and circumstances when electronic notices and documents are to be considered to be sent or received, and the place where they are considered to have been sent or received.

Marginal note:Exemption

369.1 The Director may, in the prescribed circumstances and on any conditions that the Director considers appropriate, exempt any cooperative or any other person from a requirement set out in subsection 52(1), 165(1), 166(1) or 169(1) or section 251 to send any notices or other documents, or classes of notices or other documents.

Marginal note:Payment of fees

372.1 A fee in respect of the receipt or copying of any document must be paid to the Director when it is received or copied, and a fee in respect of the examination, filing or issuance of any document or in respect of any action that the Director is required or authorized to take must be paid to the Director before the document is examined, filed or issued or the action is taken.