GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bank Act — B-1.01 39.011
Transitional provision 39.011 (1) When the Minister issues letters patent continuing a local cooperative credit society as a federal credit union under subsection 35(1), subject to the regulations, the Minister may, on application and by order, subject to any terms and conditions that the Minister considers appropriate, exempt the resulting federal credit union from the application of one or more provisions of Part XII.2 for a period of up to three years from the day on which its letters patent are issued, if the Minister is of the opinion that the resulting federal credit union has an acceptable plan to bring itself into compliance with Part XII.2 within that period. Plan (2) The plan referred to in subsection (1) must be approved by the Minister and must set out (a) how the resulting federal credit union would, as soon as reasonably feasible, meet the requirements of any of the provisions referred to in subsection (1); and (b) any alternative requirements that the resulting federal credit union would meet during the period when the plan is in effect. Compliance (3) During any period in which a provision of Part XII.2 does not apply to a resulting federal credit union, the resulting federal credit union must comply with the plan approved by the Minister under subsection (2). Amendment of plan (4) The resulting federal credit union may, at any time, seek the Minister’s approval to (a) amend the plan; or (b) extend the period of the exemption to end no later than the third anniversary of the day on which its letters patent are issued. Regulations and guidelines (5) The Governor in Council may make regulations respecting plans under this section, including regulations limiting the provisions of Part XII.2 that may be the subject of an order under subsection (1), and the Commissioner may make guidelines respecting such plans. Definition of resulting federal credit union (6) In this section, resulting federal credit union means the federal credit union resulting from the continuance, or the continuance and amalgamation, as the case may be, in respect of an application made under subsection 33(2), (3) or (4). 2026, c. 3, s. 344
Bank Act — B-1.01 39.02
Transitional — loan guarantee 39.02 For the purpose of supporting a federal credit union during the period that begins on the effective date of the federal credit union’s letters patent issued under subsection 35(1) and ends on the third anniversary of that date, the Minister may, subject to any terms and conditions that he or she considers appropriate and for the period that he or she considers appropriate, guarantee the repayment of a loan that a federal financial institution makes to the federal credit union. 2016, c. 7, s. 124
Bank Act — B-1.01 39.1
Transferring to other federal Acts — banks 39.1 (1) A bank that is not a federal credit union may (a) apply, with the approval in writing of the Minister, under the Canada Business Corporations Act for a certificate of continuance as a corporation under that Act; (b) apply, with the approval in writing of the Minister, under the Canada Cooperatives Act for a certificate of continuance, or a certificate of continuance and a certificate of amalgamation, as a cooperative under that Act; (c) apply, under the Cooperative Credit Associations Act , for letters patent continuing the bank as an association under that Act, or amalgamating and continuing the bank as an association under that Act; (d) apply, under the Insurance Companies Act , for letters patent continuing the bank as a company (other than a mutual company) or an insurance holding company under that Act, or amalgamating and continuing the bank as a company (other than a mutual company) or an insurance holding company under that Act; or (e) apply, under the Trust and Loan Companies Act , for letters patent continuing the bank as a company under that Act, or amalgamating and continuing the bank as a company under that Act. Conditions for approval (2) The approval referred to in paragraph (1)(a) or (b) may be given only if the Minister is satisfied that (a) the bank has published, once a week for four consecutive weeks in the Canada Gazette and in a newspaper in general circulation at or near the place where the head office of the bank is situated, a notice of its intention to apply for the approval; (b) the application has been authorized by a special resolution; and (c) the bank does not hold deposits, other than deposits that are made by a person who controls the bank or by a person who has a significant interest in a class of shares of the bank and that are not insured by the Canada Deposit Insurance Corporation. Withdrawing application (3) If a special resolution authorizing the application for the certificate or letters patent so states, the directors of the bank may, without further approval of the shareholders, withdraw the application before it is acted on. Restriction on other transfers (4) A bank may not apply to be continued, or to be amalgamated and continued, as the case may be, as a body corporate other than one referred to in subsection (1). 1991, c. 46, s. 574; 1997, c. 15, s. 4; 1999, c. 28, s. 11; 2001, c. 9, s. 50; 2007, c. 6, s. 6; 2010, c. 12, s. 1915
Bank Act — B-1.01 39.2
Transferring to other federal Acts — federal credit union 39.2 (1) A federal credit union may (a) apply, with the approval in writing of the Minister, under the Canada Cooperatives Act for a certificate of continuance, or a certificate of continuance and a certificate of amalgamation, as a cooperative under that Act; or (b) apply under the Cooperative Credit Associations Act for letters patent continuing the federal credit union as an association under that Act or amalgamating and continuing the federal credit union as an association under that Act. Conditions for approval (2) The approval referred to in paragraph (1)(a) may be given only if the Minister is satisfied that (a) the federal credit union has published, once a week for four consecutive weeks in the Canada Gazette and in a newspaper in general circulation at or near the place where its head office is situated, a notice of its intention to apply for the approval; (b) the application has been authorized by a special resolution of the members and, if the federal credit union has issued shares, by a separate special resolution of the shareholders of each class of shares; and (c) the federal credit union does not hold deposits. All shares have right to vote (3) For the purpose of paragraph (2)(b), each share carries the right to vote in respect of the special resolution, whether or not it otherwise carries the right to vote in respect of any other matter. Restriction on other transfers (4) A federal credit union may not apply to be continued, or to be amalgamated and continued, as the case may be, as a body corporate other than one referred to in subsection (1). 1997, c. 15, s. 4; 2001, c. 9, s. 50; 2007, c. 6, s. 6; 2010, c. 12, s. 1916
Bank Act — B-1.01 39.3
Act ceases to apply 39.3 If a bank applies for a certificate or letters patent referred to in section 39.1 or 39.2 in accordance with that section and the certificate is given or the letters patent are issued, this Act ceases to apply to the bank as of the day on which the certificate or the letters patent take effect. 2010, c. 12, s. 1916
Bank Act — B-1.01 40
Prohibited names 40 A bank may not be incorporated under this Act with a name (a) that is prohibited by an Act of Parliament; (b) that is, in the opinion of the Superintendent, deceptively misdescriptive; (c) that is the same as or, in the opinion of the Superintendent, substantially the same as or confusingly similar to, any existing (i) trademark or trade name, or (ii) corporate name of a body corporate, except where the trademark or trade name is being changed or the body corporate is being dissolved or is changing its corporate name and consent to the use of the trademark, trade name or corporate name is signified to the Superintendent in such manner as the Superintendent may require; (d) that is the same as or, in the opinion of the Superintendent, substantially the same as or confusingly similar to, the known name under or by which any entity carries on business or is identified; (e) that is reserved under section 43 for another bank or an authorized foreign bank or a proposed bank or a proposed authorized foreign bank or under section 697 for a bank holding company or a proposed bank holding company; (f) that includes the phrase “credit union” or “coopérative de crédit”, or any abbreviation, combination or derivative of those phrases, unless it is to be a federal credit union and its name also includes the word “bank”, “banque”, “federal” or “fédérale” in conjunction with those phrases; or (g) that includes the words “cooperative” or “coopérative”, or any abbreviation, combination or derivative of those words, unless it is to be a federal credit union and its name also includes the word “bank”, “banque”, “federal” or “fédérale” in conjunction with those words. 1991, c. 46, s. 40; 1996, c. 6, s. 1; 1997, c. 15, s. 5; 1999, c. 28, s. 12; 2001, c. 9, s. 51; 2010, c. 12, s. 1917 2014, c. 20, s. 366(E)
Bank Act — B-1.01 40.1
Name of federal credit union 40.1 Despite any other Act, but subject to paragraphs 40(f) and (g), a bank may be incorporated or formed under this Act with the words “credit union” “coopérative de crédit”, “cooperative” or “coopérative”, or any abbreviation, combination or derivative of those words, in its name, but only if it will be a federal credit union. 2010, c. 12, s. 1918
Bank Act — B-1.01 41
Affiliated bank 41 Despite section 40, a bank that is affiliated with another entity may, with the consent of that entity, be incorporated with, or change its name to, substantially the same name as that of the affiliated entity. 1991, c. 46, s. 41; 1996, c. 6, s. 1; 2001, c. 9, s. 52; 2007, c. 6, s. 7
Bank Act — B-1.01 42
French or English form of name 42 (1) The name of a bank may be set out in its letters patent in an English form, a French form, an English form and a French form or in a combined English and French form, and the bank may use and be legally designated by any such form. Alternate name (2) A bank may identify itself outside Canada by its name in any language and the bank may use and be legally designated by any such form of its name outside Canada. Other name (3) Subject to subsection (4) and section 255, a bank may carry on business under or identify itself by a name other than its corporate name. Directions (4) If a bank is carrying on business under or identifying itself by a name other than its corporate name, the Superintendent may, by order, direct the bank not to use that other name if the Superintendent is of the opinion that that other name is a name referred to in any of paragraphs 40(a) to (g). 1991, c. 46, s. 42; 1996, c. 6, s. 2; 2010, c. 12, s. 1919
Bank Act — B-1.01 43
Reserved name 43 The Superintendent may, on request, reserve for ninety days a name for a proposed bank or proposed authorized foreign bank or for a bank or authorized foreign bank that intends to change its name. 1991, c. 46, s. 43; 1999, c. 28, s. 13
Bank Act — B-1.01 44
Directing change of name 44 (1) If through inadvertence or otherwise a bank (a) comes into existence or is continued with a name, or (b) on an application to change its name, is granted a name that is prohibited by section 40, the Superintendent may, by order, direct the bank to change its name and the bank shall comply with that direction. Revoking name (2) If a bank has been directed under subsection (1) to change its name and has not, within sixty days after the service of the direction, changed its name to a name that is not prohibited by this Act, the Superintendent may revoke the name of the bank and assign to it a name and, until changed in accordance with section 215 or 217, the name of the bank is thereafter the name so assigned. 1991, c. 46, s. 44; 1996, c. 6, s. 3; 2001, c. 9, s. 53
Bank Act — B-1.01 45
First directors’ meeting 45 (1) After letters patent incorporating a bank that is not a federal credit union are issued, a meeting of the directors of the bank must be held at which the directors may, subject to this Part, (a) make by-laws; (b) adopt forms of share certificates and corporate records; (c) authorize the issue of shares of the bank; (d) appoint officers; (e) appoint, pursuant to subsection 314(1), an auditor or auditors to hold office until the first meeting of shareholders; (f) make banking arrangements; and (g) deal with any other matters necessary to organize the bank. Calling directors’ meeting (2) An incorporator or a director named in the application for letters patent may call the meeting referred to in subsection (1) by giving, subject to subsection 181(2), no fewer than five days notice of the purpose, time and place of the meeting to each director of the bank. 1991, c. 46, s. 45; 2010, c. 12, s. 1921
Bank Act — B-1.01 46
Calling shareholders’ meeting 46 (1) If at least five million dollars, or any greater amount that the Minister may specify, has been received by a bank in respect of which letters patent were issued under subsection 22(1) from the issue of its shares, the directors of the bank must without delay call a meeting of the shareholders of the bank. Meeting of shareholders (2) The shareholders of a bank shall, by resolution at the meeting of shareholders called pursuant to subsection (1), (a) approve, amend or reject any by-law made by the directors of the bank; (b) subject to section 168, elect directors to hold office for a term expiring not later than the close of the third annual meeting of shareholders following the election; and (c) appoint an auditor or auditors to hold office until the close of the first annual meeting of shareholders. 1991, c. 46, s. 46; 2001, c. 9, s. 54; 2010, c. 12, s. 1922
Bank Act — B-1.01 47
Term of first directors 47 A director named in the application for letters patent to incorporate a bank holds office until the election of directors at the meeting of shareholders called pursuant to subsection 46(1). 1991, c. 46, s. 47; 2010, c. 12, s. 1923(F)
Bank Act — B-1.01 47.01
Organizational meeting 47.01 (1) After letters patent incorporating a federal credit union are issued, a meeting of its first directors must be held at which the first directors may, subject to this Part, (a) adopt forms of certificates for membership shares, forms of share certificates and forms of corporate records; (b) admit persons to membership in the federal credit union and issue or authorize the issuance of membership shares; (c) authorize the issue of shares of the federal credit union; (d) appoint officers; (e) appoint, under subsection 314(1), an auditor or auditors to hold office until the first meeting of members; (f) make banking arrangements; and (g) deal with any other matters necessary to organize the federal credit union. Calling directors’ meeting (2) A first director may call the meeting referred to in subsection (1) by giving, subject to subsection 181(2), the other directors notice of the time and place of the meeting no fewer than five days before the meeting. 2010, c. 12, s. 1924
Bank Act — B-1.01 47.02
Calling members’ meeting 47.02 (1) If at least five million dollars, or any greater amount that the Minister may specify, has been received by a federal credit union in respect of which letters patent were issued under subsection 22(2) from the issue of its membership shares and shares, the directors of the federal credit union must, without delay, call a meeting of the members of the federal credit union. Meeting of members (2) At the meeting, the members must (a) make by-laws; (b) elect directors in accordance with this Act and the federal credit union’s by-laws; and (c) appoint an auditor or auditors to hold office until the close of the first annual meeting of the federal credit union. Term of office of first directors (3) The term of office of the first directors ends at the close of the meeting referred to in subsection (1). 2010, c. 12, s. 1924
Bank Act — B-1.01 47.03
Membership governed by by-laws 47.03 (1) Subject to the provisions of this Act, membership in a federal credit union is governed by its by-laws. Minimum membership shares required (2) To be a member of a federal credit union, a person must acquire and hold the minimum number of membership shares required under the federal credit union’s by-laws. Member who ceases to hold the minimum (3) Subject to any limitations in the federal credit union’s by-laws, including limitations on the rights members may exercise, a member of a federal credit union who ceases to hold enough membership shares to be a member continues to be a member of the federal credit union for the purposes of this Act. Ground for expulsion (4) For greater certainty, subsection (3) does not prevent holding fewer than the minimum number of membership shares from being set out in the federal credit union’s by-laws as a ground for expulsion under subsection 47.06(1) or section 47.09. 2010, c. 12, s. 1924
Bank Act — B-1.01 47.04
Subscription deemed application 47.04 (1) A subscription for the number of membership shares in a federal credit union required by the federal credit union’s by-laws for membership constitutes an application for membership and the issue of a membership share to the applicant constitutes admission to membership. Approval required (2) Subject to subsection (1), a person becomes a member of a federal credit union when the person’s application for membership is approved by the directors or an employee authorized by the federal credit union and the applicant has complied fully with the federal credit union’s by-laws governing admission of members. 2010, c. 12, s. 1924
Bank Act — B-1.01 47.05
Withdrawal of membership 47.05 (1) A member of a federal credit union may withdraw from the federal credit union at any time by giving notice in accordance with the by-laws. Deemed notice (2) A deceased member is deemed to have given notice to the federal credit union of their intention to withdraw on the day of their death. Rights of withdrawing member (3) The by-laws of a federal credit union must set out the rights of a withdrawing member. 2010, c. 12, s. 1924
Bank Act — B-1.01 47.06
Expulsion 47.06 (1) A member of a federal credit union may be expelled from membership, in accordance with the by-laws, by a resolution of the directors on the grounds set out in the by-laws. Member’s rights relating to expulsion (2) The by-laws of a federal credit union must set out the rights of members who are expelled under subsection (1), and those rights must include (a) the right of a member to receive advance notice of any meeting of the directors at which the board will consider a resolution to expel the member; (b) the right of a member not to be expelled without being given an opportunity to make representations on the matter at the meeting of the directors; (c) the right of an expelled member to appeal the decision of the directors at the next meeting of the members; and (d) the right of the expelled member to be reinstated as a member of the federal credit union if, at the next meeting of the members, the members, by ordinary resolution, set aside the directors’ resolution. Procedures to be set out in by-laws (3) The by-laws of a federal credit union must set out (a) the procedures to be followed by the directors to provide the advance notice referred to in paragraph (2)(a); and (b) the procedures to be followed relating to the appeal referred to in paragraph (2)(c). Notice of decision (4) If the directors pass a resolution expelling a member under subsection (1), the federal credit union must, within five days after the passing of the resolution, notify the member of the directors’ decision by registered letter addressed to the member at the member’s recorded address. 2010, c. 12, s. 1924
Bank Act — B-1.01 47.07
Inactivity 47.07 No by-law may provide for the expulsion of a member by reason only of inactivity of the member in relation to the business or affairs of the federal credit union. 2010, c. 12, s. 1924
Bank Act — B-1.01 47.08
Redemption 47.08 No by-law governing the withdrawal of a member from membership or the termination of the membership of a member may authorize a redemption of membership shares in contravention of section 485. 2010, c. 12, s. 1924
Bank Act — B-1.01 47.09
Termination by members 47.09 Unless the by-laws provide otherwise, the membership of a member may be terminated by a special resolution of the members. Section 47.06 applies, with any modifications that the circumstances require, to a termination by the members. 2010, c. 12, s. 1924
Bank Act — B-1.01 47.1
Winding-up proceedings in respect of member 47.1 Despite subsection 47.06(1), a federal credit union may, by written notice to a member, terminate the membership if the member is a body corporate and winding-up proceedings have commenced with respect to it. 2010, c. 12, s. 1924
Bank Act — B-1.01 47.11
Prohibition 47.11 An entity must not become a member of a federal credit union if, as a result of becoming a member, the majority of the members of the federal credit union would not be natural persons. 2010, c. 12, s. 1924
Bank Act — B-1.01 47.12
Provision of services 47.12 A federal credit union must provide its services primarily to its members. 2010, c. 12, s. 1924
Bank Act — B-1.01 47.13
Right to vote 47.13 Each member of a federal credit union has only one vote on all matters to be decided by the members. 2010, c. 12, s. 1924
Bank Act — B-1.01 47.14
Members under 18 47.14 Subject to the by-laws, a person less than 18 years of age may be admitted to membership in a federal credit union and may vote at meetings of the federal credit union. 2010, c. 12, s. 1924
Bank Act — B-1.01 47.15
Membership not transferable 47.15 No transfer of a membership is valid for any purpose. 2010, c. 12, s. 1924
Bank Act — B-1.01 47.16
Reinstatement — section 47.06 47.16 (1) A person whose membership has been terminated under section 47.06 may be reinstated as a member of the federal credit union only by ordinary resolution of the members. Reinstatement — section 47.09 (2) A person whose membership has been terminated under section 47.09 may be reinstated as a member of the federal credit union only by special resolution of the members. 2010, c. 12, s. 1924
Bank Act — B-1.01 47.17
Transfer of membership shares 47.17 No transfer of membership shares in a federal credit union is valid unless the transfer is approved by resolution of the directors. 2010, c. 12, s. 1924
Bank Act — B-1.01 47.18
Obligation to have at least five members 47.18 (1) A federal credit union must ensure that at all times it has at least five members. Membership too low (2) If the membership of a federal credit union is reduced to fewer than five members, the federal credit union must, without delay, take the steps that are necessary to (a) make an application referred to in subsection 39.2(1) or section 216.08; or (b) liquidate and dissolve the federal credit union under Part VI. 2010, c. 12, s. 1924
Bank Act — B-1.01 47.19
Exemption 47.19 The Minister may, subject to any terms and conditions that the Minister considers appropriate, exempt any entity or federal credit union from the application of sections 47.11, 47.12 and 47.18. 2010, c. 12, s. 1924