Cooperative Credit Associations Act (S.C. 1991, c. 48)

Marginal note:Term of loan and conditions

• 483 (1) The maximum term of a loan made under section 482 is six months, the loans shall bear interest at a rate that, in the opinion of the Corporation, is higher than the rate at which such a loan could otherwise be obtained by the association or deposit protection agency and the loan shall be subject to such other conditions, including conditions respecting security for the loan, as the Corporation deems advisable.

• Marginal note:Renewal

  (2) The loan referred to in subsection (1) may be renewed for a term or terms, each of which shall not exceed six months, at a rate of interest determined in the manner described in subsection (1) and subject to the other conditions on which it was originally made, or any other conditions that the Corporation deems advisable.

Marginal note:Information to be available to the Corporation

• 484 (1) The Corporation, in relation to the exercise of its powers under this Part, is entitled to review all information obtained by the Superintendent by or in respect of an association or deposit protection agency pursuant to this Act.

• Marginal note:Powers of Superintendent

  (2) The Superintendent shall, notwithstanding any other Act of Parliament, at the request of the Corporation,

  • (a) examine the affairs of an association or deposit protection agency to which a loan has been made under this section or whose application for a loan is being considered; and

  • (b) obtain information relating to an association or deposit protection agency that can be reasonably obtained pursuant to this Act.

• Marginal note:Report

  (3) Where, pursuant to sections 442 and 443, the Superintendent makes a report to the Minister in relation to an association, the Superintendent shall send a copy thereof to the Corporation and shall advise the Corporation of any action taken by the Minister as a consequence of the report.

Marginal note:Payments out of C.R.F.

• 485 (1) Subject to subsection (2), out of the Consolidated Revenue Fund, the Minister

  • (a) may, on terms and conditions approved by the Governor in Council, authorize advances to the Corporation of amounts required for the purpose of making loans under section 482; and

  • (b) shall authorize the reimbursement of the Corporation for losses sustained by it in respect of such loans.

• Marginal note:Limits on payments out of C.R.F.

  (2) The amount of advances outstanding under paragraph (1)(a) shall not at any time exceed the amount by which two hundred million dollars exceeds the aggregate of reimbursements to the Corporation under paragraph (1)(b).

• Marginal note:Information not to be included in capital budgets

  (3) The capital budget of the Corporation submitted pursuant to section 124 of the Financial Administration Act shall not include information relating to anticipated capital requirements of the Corporation under this section.

Marginal note:Special account

• 486 (1) The Corporation shall establish in the Bank of Canada a special account to which shall be credited all interest received by it on loans made under section 482 and to which shall be charged

  • (a) all interest on advances made to it;

  • (b) all expenses incurred by it in carrying out its duties and functions under this Part; and

  • (c) any funds paid to the Receiver General pursuant to subsection (2).

• Marginal note:Transfer of surplus to C.R.F.

  (2) The Corporation shall, on the last day of March, June, September and December in each year, pay to the Receiver General any surplus funds in the special account established pursuant to subsection (1).

Marginal note:Operations under this Act to be separate and distinct

487 The assets and liabilities and the receipts and disbursements of the Corporation arising from its operations under this Act, and the records of the Corporation relating thereto, shall be kept separate and distinct from those arising from its operations under the Canada Deposit Insurance Corporation Act.

PART XVII.1Documents in Electronic or Other Form

Marginal note:Definitions

487.01 The following definitions apply in this Part.

electronic document

electronic document means, except in section 487.1, any form of representation of information or concepts that is fixed in any medium in or by electronic, optical or other similar means and that can be read or perceived by a person or by any means. (document électronique)

information system

information system means a system used to generate, send, receive, store or otherwise process an electronic document. (système de traitement de l’information)

Marginal note:Application

487.02 This Part other than sections 487.13 and 487.14 does not apply in respect of any notice, document or other information that under this Act or the regulations is sent to or issued by the Minister, the Superintendent, the Commissioner or the Bank of Canada or any prescribed notice, document or information.

Marginal note:Use not mandatory

487.03 Nothing in this Act or the regulations requires a person to create or provide an electronic document.

Marginal note:Consent and other requirements

• 487.04 (1) Despite anything in this Part, a requirement under this Act or the regulations to provide a notice, document or other information is not satisfied by providing an electronic document unless

  • (a) the addressee consents and designates an information system for the receipt of the electronic document;

  • (b) the electronic document is, unless otherwise prescribed, provided to the designated information system; and

  • (c) the prescribed requirements are complied with.

• Marginal note:Regulations — revocation of consent

  (2) The Governor in Council may make regulations respecting the revocation of the consent referred to in paragraph (1)(a).

Marginal note:Creation or provision of information

487.05 A requirement under this Act or the regulations to create or provide a notice, document or other information is satisfied by creating or providing an electronic document if

• (a) the incorporating instrument or by-laws of the association do not provide otherwise; and

• (b) the prescribed requirements are complied with.

Marginal note:Creation of information in writing

487.06 A requirement under this Act or the regulations to create a notice, document or other information in writing is satisfied by creating an electronic document if in addition to the conditions set out in section 487.05

• (a) the information in the electronic document is accessible so as to be usable for subsequent reference; and

• (b) the prescribed requirements are complied with.

Marginal note:Provision of information in writing

487.07 A requirement under this Act or the regulations to provide a notice, document or other information in writing is satisfied by providing an electronic document if in addition to the conditions set out in section 487.05

• (a) the information in the electronic document is accessible by the addressee and capable of being retained by them so as to be usable for subsequent reference; and

• (b) the prescribed requirements are complied with.

Marginal note:Multiple copies

487.08 A requirement under this Act or the regulations to provide two or more copies of a document at the same time to one addressee is satisfied by providing one copy of the electronic document.

Marginal note:Registered mail

487.09 A requirement under this Act or the regulations to provide a document by registered mail is not satisfied by providing an electronic document except in the prescribed circumstances.

Marginal note:Statutory declarations and affidavits

• 487.1 (1) A statutory declaration or affidavit required under this Act or the regulations may be created or provided in an electronic document if

  • (a) the person who makes the statutory declaration or affidavit signs it with their secure electronic signature;

  • (b) the authorized person before whom the statutory declaration or affidavit is made signs it with their secure electronic signature; and

  • (c) the requirements of sections 487.03 to 487.09 are complied with.

• Marginal note:Definitions

  (2) For the purposes of this section, electronic document and secure electronic signature have the same meaning as in subsection 31(1) of the Personal Information Protection and Electronic Documents Act.

• Marginal note:References to “electronic document”

  (3) For the purpose of complying with paragraph (1)(c), references to “electronic document” in sections 487.03 to 487.09 are to be read as references to “electronic document within the meaning of subsection 31(1) of the Personal Information Protection and Electronic Documents Act”.

Marginal note:Signatures

487.11 A requirement under this Act or the regulations for a signature or for a document to be executed, except in respect of a statutory declaration or affidavit, is satisfied in respect of an electronic document if the prescribed requirements are complied with and the signature results from the application by the person of a technology or process that permits the following to be proved:

• (a) the signature resulting from the use by the person of the technology or process is unique to the person;

• (b) the technology or process is used by the person to incorporate their signature into, attach it to or associate it with the electronic document; and

• (c) the technology or process can be used to identify the person using the technology or process.

Marginal note:Regulations — provision and receipt of documents

487.12 The Governor in Council may make regulations respecting the time and place at which and the circumstances under which an electronic document is considered to be provided or received.

Marginal note:Content and form of notices and documents

487.13 The Minister, Superintendent, Commissioner or Bank of Canada may establish the requirements for the content and fix the form, including electronic and other forms, of notices and documents sent to or issued by each of them under this Act or the regulations, including

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

• (b) the persons or classes of persons who may send notices and documents;

• (c) their signature in electronic or other form or their execution, adoption or authorization in a manner that is to have the same effect for the purposes of this Act as their signature;

• (d) the time and place at which and the circumstances under which electronic documents are considered to be sent or received; and

• (e) any matter necessary for the purposes of the application of this section.