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Bank Act

Version of section 35.1 from 2012-12-19 to 2014-12-15:


Marginal note:Power to issue letters patent

  •  (1) On the application of a local cooperative credit society under subsection 33(2), the Minister may, subject to this Part, issue letters patent continuing the local cooperative credit society as a federal credit union only if the Minister is of the opinion that the local cooperative credit society has complied with the regulations respecting notice and disclosure requirements.

  • Marginal note:Power to issue letters patent

    (2) On the application of a local cooperative credit society under subsection 33(3), the Minister may, subject to this Part, issue letters patent continuing the local cooperative credit society as a federal credit union only if the Minister is of the opinion that

    • (a) the local cooperative credit society has complied with the regulations respecting notice and disclosure requirements; and

    • (b) the federal credit union that results from the amalgamation will satisfy the requirements for incorporation as a federal credit union.

  • Marginal note:Regulations

    (3) The Governor in Council may make regulations respecting notice and disclosure requirements for the purpose of subsections (1) and (2).

  • 2010, c. 12, s. 1911
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