Economic Action Plan 2014 Act, No. 2 (S.C. 2014, c. 39)
Full Document:
Assented to 2014-12-16
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 (1) The definition “league” in section 2 of the Cooperative Credit Associations Act is repealed.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
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