Marginal note:Purposes of Act
3 (1) The purposes of this Act are
(a) to set out the law applicable to the business endeavours of persons who have associated themselves in a democratic manner to carry on a common purpose; and
(b) to advance the cause of uniformity of cooperative business law in Canada.
Marginal note:Carrying on business in more than one place
(2) No cooperative may be incorporated under this Act unless
(a) it will carry on its undertaking in two or more provinces; and
(b) it will have a fixed place of business in more than one province.
Marginal note:Application
(3) This Act applies to cooperatives incorporated under this Act that have not been discontinued.
Marginal note:Non-application of certain Acts
(4) No provision of the Canada Business Corporations Act, the Canada Corporations Act, chapter C-32 of the Revised Statutes of Canada, 1970, or the Winding-up and Restructuring Act applies to a cooperative.
Marginal note:Limitation on business that can be carried on
(5) No cooperative may carry on the business of
(a) a bank;
(b) a company to which the Insurance Companies Act applies;
(c) a company to which the Trust and Loan Companies Act applies; or
(d) an association to which the Cooperative Credit Associations Act applies.
Marginal note:Prohibition on granting degrees
(6) No cooperative may carry on business as a degree-granting educational institution unless expressly authorized to do so by a federal or provincial agent that by law has the power to confer degree-granting authority on an educational institution.
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