GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Cooperative Credit Associations Act — C-41.01 (a)
mutual fund distribution entity means an entity whose principal activity is acting as a selling agent of units, shares or other interests in a mutual fund and acting as a collecting agent in the collection of payments for any such interests if (a) the proceeds of the sales of any such interests, less any sales commissions and service fees, are paid to the mutual fund; and (b) the existence of a sales commission and service fee in respect of the sale of any such interest is disclosed to the purchaser of the interest before the purchase of the interest. ( courtier de fonds mutuels )
Cooperative Credit Associations Act — C-41.01 (a)
mutual fund entity means an entity (a) whose activities are limited to the investing of the funds of the entity so as to provide investment diversification and professional investment management to the holders of its securities; and (b) whose securities entitle their holders to receive, on demand, or within a specified period after demand, an amount computed by reference to the value of a proportionate interest in the whole or in a part of its net assets, including a separate fund or trust account of the entity. ( entité s’occupant de fonds mutuels )
Cooperative Credit Associations Act — C-41.01
participating share means a share of a body corporate that carries the right to participate in the earnings of the body corporate to an unlimited degree and to participate in a distribution of the remaining property of the body corporate on dissolution. ( action participante )
Cooperative Credit Associations Act — C-41.01
permitted entity means an entity in which an association is permitted to acquire a substantial investment under section 390. ( entité admissible )
Cooperative Credit Associations Act — C-41.01
prescribed subsidiary means a subsidiary that is one of a prescribed class of subsidiaries. ( filiale réglementaire )
Cooperative Credit Associations Act — C-41.01 (a)
real property brokerage entity means an entity that is primarily engaged in (a) acting as an agent for vendors, purchasers, mortgagors, mortgagees, lessors or lessees of real property; and (b) the provision of consulting or appraisal services in respect of real property. ( courtier immobilier )
Cooperative Credit Associations Act — C-41.01
specialized financing entity means a specialized financing entity as defined in the regulations. ( entité s’occupant de financement spécial )
Cooperative Credit Associations Act — C-41.01 387
Investment standards 387 The directors of an association shall establish and the association shall adhere to investment and lending policies, standards and procedures that a reasonable and prudent person would apply in respect of a portfolio of investments and loans to avoid undue risk of loss and obtain a reasonable return. 1991, c. 48, s. 387; 2001, c. 9, s. 314
Cooperative Credit Associations Act — C-41.01 389
Regulations re limits 389 The Governor in Council may make regulations (a) respecting the determination of the amount or value of loans, investments and interests for the purposes of this Part; (b) respecting the loans and investments, and the maximum aggregate amount of all loans and investments, that may be made or acquired by an association and its prescribed subsidiaries to or in a person and any persons connected with that person; (c) specifying the classes of persons who are connected with any person for the purposes of paragraph (b); and (d) concerning specialized financing for the purposes of subsection 388(4). 1991, c. 48, s. 389; 2001, c. 9, s. 314
Cooperative Credit Associations Act — C-41.01 390
rliament or of the legislature of a province, if the laws or customary business practices of the country under the laws of which the entity was incorporated or formed do not permit the association to control the entity. Prohibition on giving up control in fact (9) An association that, under subsection (4), controls an entity may not, without the prior written approval of the Minister, give up control, within the meaning of paragraph 3(1)(e), of the entity while it continues to control the entity. Giving up control (10) An association that, under subsection (4), controls an entity may, with the prior written approval of the Superintendent, give up control of the entity while keeping a substantial investment in the entity if (a) the association is permitted to do so by regulations made under paragraph 396(c); or (b) the entity meets the conditions referred to in subparagraph (4)(c)(iii). Subsections do not apply (11) If an association controls, within the meaning of paragraph 3(1)(a), (b), (c) or (d), an entity, subsections (5) and (6) do not apply in respect of any subsequent increases by the association of its substantial investment in the entity so long as the association continues to control the entity. 1991, c. 48, s. 390; 1997, c. 15, s. 142; 1999, c. 28, s. 116; 2001, c. 9, s. 314; 2007, c. 6, s. 173; 2012, c. 5, s. 118
Cooperative Credit Associations Act — C-41.01 391
Approval for indirect investments 391 (1) If an association obtains the approval of the Minister under subsection 390(5) to acquire control of, or to acquire or increase a substantial investment in, an entity and, through that acquisition or increase, the association indirectly acquires control of, or acquires or increases a substantial investment in, another entity that would require the approval of the Minister under subsection 390(5) or the Superintendent under subsection 390(6) and that indirect acquisition or increase is disclosed to the Minister in writing before the approval is obtained, the association is deemed to have obtained the approval of the Minister or the Superintendent for that indirect acquisition or increase. Approval for indirect investments (2) If an association obtains the approval of the Superintendent under subsection 390(6) to acquire control of, or to acquire or increase a substantial investment in, an entity and, through that acquisition or increase the association indirectly acquires control of, or acquires or increases a substantial investment in, another entity that would require the approval of the Superintendent under that subsection and that indirect acquisition or increase is disclosed to the Superintendent in writing before the approval is obtained, the association is deemed to have obtained the approval of the Superintendent for that indirect acquisition or increase. 1991, c. 48, s. 391; 2001, c. 9, s. 314
Cooperative Credit Associations Act — C-41.01 392
Undertakings 392 (1) If an association controls a permitted entity, other than an entity referred to in any of paragraphs 390(1)(a) to (d), the association shall provide the Superintendent with any undertakings that the Superintendent may require regarding (a) the activities of the entity; and (b) access to information about the entity. Undertakings (2) If an association acquires control of an entity referred to in any of paragraphs 390(1)(e) to (g), the association shall provide the Superintendent with any undertakings concerning the entity that the Superintendent may require. Agreements with other jurisdictions (3) The Superintendent may enter into an agreement with the appropriate official or public body responsible for the supervision of any entity referred to in any of paragraphs 390(1)(e) to (g) in each province or in any other jurisdiction concerning any matters referred to in paragraphs (1)(a) and (b) or any other matter the Superintendent considers appropriate. Access to records (4) Despite any other provision of this Part, an association shall not control a permitted entity, other than an entity referred to in any of paragraphs 390(1)(a) to (d), unless, in the course of the acquisition of control or within a reasonable time after the control is acquired, the association obtains from the permitted entity an undertaking to provide the Superintendent with reasonable access to the records of the permitted entity. 1991, c. 48, s. 392; 2001, c. 9, s. 314
Cooperative Credit Associations Act — C-41.01 395
Realizations 395 (1) Despite anything in this Act, an association may acquire (a) an investment in a body corporate, (b) an interest in an unincorporated entity, or (c) an interest in real property, if the investment or interest is acquired through the realization of a security interest held by the association or any of its subsidiaries. Disposition (2) Subject to subsection 81(2), if an association acquires control of, or a substantial investment in, an entity by way of the realization of a security interest held by the association or any of its subsidiaries, the association shall, within five years after the day on which the substantial investment is acquired, do all things necessary, or cause its subsidiary to do all things necessary, as the case may be, to ensure that the association no longer controls the entity or has a substantial investment in the entity. Transitional (3) Despite subsection (2), if an association that was in existence immediately before June 1, 1992 had an investment in an entity on September 27, 1990 that is a substantial investment within the meaning of section 12 and the association later increases that substantial investment by way of a realization of a security interest under subsection (1), the association shall, within five years after increasing the substantial investment, do all things necessary to ensure that its substantial investment in the entity is no greater than it was on September 27, 1990. Extension (4) The Superintendent may, in the case of any particular association that makes an application under this subsection, extend the period of five years referred to in subsection (2) or (3) for any further period or periods, and on any terms and conditions, that the Superintendent considers necessary. Exception (5) If, under subsection (1), an association acquires control of, or acquires or increases a substantial investment in, an entity that it would otherwise be permitted to acquire or increase under section 390, the association may retain control of the entity or continue to hold the substantial investment for an indeterminate period, if the approval in writing of the Minister is obtained before the end of the period referred to in subsection (2) or (3), including any extension of it granted under subsection (4). 1991, c. 48, s. 395; 1997, c. 15, s. 144; 2001, c. 9, s. 314
Cooperative Credit Associations Act — C-41.01 396
Regulations restricting ownership 396 The Governor in Council may make regulations (a) for the purposes of subsection 390(4), permitting the acquisition of control or the acquisition or increase of substantial investments, or prescribing the circumstances under which that subsection does not apply or the associations or other entities in respect of which that subsection does not apply, including prescribing associations or other entities on the basis of the activities they engage in; (b) for the purposes of subsection 390(5) or (6), permitting the acquisition of control or the acquisition or increase of substantial investments, or prescribing the circumstances under which either of those subsections does not apply or the associations or other entities in respect of which either of those subsections does not apply, including prescribing associations or other entities on the basis of the activities they engage in; (c) for the purposes of subsection 390(10), permitting an association to give up control of an entity; and (d) restricting the ownership by an association of shares of a body corporate or of ownership interests in an unincorporated entity under sections 390 to 395 and imposing terms and conditions applicable to associations that own such shares or interests. 1991, c. 48, s. 396; 1997, c. 15, s. 145; 2001, c. 9, s. 314
Cooperative Credit Associations Act — C-41.01 397
Exclusion from portfolio limits 397 (1) Subject to subsection (3), the value of all loans, investments and interests acquired by an association and any of its prescribed subsidiaries under section 394 or as a result of a realization of a security interest is not to be included in calculating the value of loans, investments and interests of the association and its prescribed subsidiaries under sections 398 to 402 (a) for a period of twelve years following the day on which the interest was acquired, in the case of an interest in real property; and (b) for a period of five years after the day on which the loan, investment or interest was acquired, in the case of a loan, investment or interest, other than an interest in real property. Extension (2) The Superintendent may, in the case of any particular association, extend any period referred to in subsection (1) for any further period or periods, and on any terms and conditions, that the Superintendent considers necessary. Exception (3) Subsection (1) does not apply in respect of an investment or interest described in that subsection if the investment or interest is defined by a regulation made under section 403 to be an interest in real property and (a) the association or the subsidiary acquired the investment or interest as a result of the realization of a security interest securing a loan that was defined by a regulation made under section 403 to be an interest in real property; or (b) the association or the subsidiary acquired the investment or interest under section 394 as a result of a default referred to in that section in respect of a loan that was defined by a regulation made under section 403 to be an interest in real property. 1991, c. 48, s. 397; 1997, c. 15, s. 146; 2001, c. 9, s. 314
Cooperative Credit Associations Act — C-41.01 398
Lending limit: regulatory capital of $25 million or less 398 An association with twenty-five million dollars or less of regulatory capital shall not, and shall not permit its prescribed subsidiaries to, (a) make or acquire a commercial loan, or (b) acquire control of a permitted entity that holds commercial loans, if the aggregate value of all commercial loans held by the association and its prescribed subsidiaries exceeds, or the acquisition or making of the commercial loan or the acquisition of control of the entity would cause the aggregate value of all commercial loans held by the association and its prescribed subsidiaries to exceed, 5% of the total assets of the association. 1991, c. 48, s. 398; 2001, c. 9, s. 314
Cooperative Credit Associations Act — C-41.01 399
Lending limit: regulatory capital over $25 million 399 An association with more than twenty-five million dollars of regulatory capital may (a) make or acquire commercial loans, or (b) acquire control of a permitted entity that holds commercial loans, if the aggregate value of all commercial loans held by the association and its prescribed subsidiaries would thereby exceed 5% of the total assets of the association only with the prior approval in writing of the Superintendent and in accordance with any terms and conditions that the Superintendent may specify. 1991, c. 48, s. 399; 2001, c. 9, s. 314
Cooperative Credit Associations Act — C-41.01 400
Meaning of total assets 400 For the purposes of sections 398 and 399, total assets , in respect of an association, has the meaning given to that expression by the regulations. 1991, c. 48, s. 400; 2001, c. 9, s. 314
Cooperative Credit Associations Act — C-41.01 401
Limit on total property interest 401 An association shall not, and shall not permit its prescribed subsidiaries to, purchase or otherwise acquire an interest in real property or make an improvement to any real property in which the association or any of its prescribed subsidiaries has an interest if the aggregate value of all interests of the association in real property exceeds, or the acquisition of the interest or the making of the improvement would cause that aggregate value to exceed, the prescribed percentage of the regulatory capital of the association. 1991, c. 48, s. 401; 2001, c. 9, s. 314
Cooperative Credit Associations Act — C-41.01 402
Limits on equity acquisitions 402 An association shall not, and shall not permit its prescribed subsidiaries to, (a) purchase or otherwise acquire any participating shares of any body corporate or any ownership interests in any unincorporated entity, other than those of a permitted entity in which the association has, or by virtue of the acquisition would have, a substantial investment, or (b) acquire control of an entity that holds shares or ownership interests referred to in paragraph (a), if the aggregate value of (c) all participating shares, excluding participating shares of permitted entities in which the association has a substantial investment, and (d) all ownership interests in unincorporated entities, other than ownership interests in permitted entities in which the association has a substantial investment, beneficially owned by the association and its prescribed subsidiaries exceeds, or the purchase or acquisition would cause that aggregate value to exceed, the prescribed percentage of the regulatory capital of the association. 1991, c. 48, s. 402; 2001, c. 9, s. 314
Cooperative Credit Associations Act — C-41.01 403
Regulations 403 For the purposes of this Part, the Governor in Council may make regulations (a) defining the interests of an association in real property; (b) determining the method of valuing those interests; or (c) exempting classes of associations from the application of sections 397 to 402. 1991, c. 48, s. 403; 1997, c. 15, s. 147; 2001, c. 9, s. 314
Cooperative Credit Associations Act — C-41.01 404
Divestment order 404 (1) The Superintendent may, by order, direct an association to dispose of, within any period that the Superintendent considers reasonable, any loan, investment or interest made or acquired in contravention of this Part. Divestment order (2) If, in the opinion of the Superintendent, (a) an investment by an association or any entity it controls in shares of a body corporate or in ownership interests in an unincorporated entity enables the association to control the body corporate or the unincorporated entity, or (b) the association or any entity it controls has entered into an arrangement whereby it or its nominee may veto any proposal put before (i) the board of directors of a body corporate, or (ii) a similar group or committee of an unincorporated entity, or whereby no proposal may be approved except with the consent of the association, the entity it controls or the nominee, the Superintendent may, by order, require the association, within any period that the Superintendent considers reasonable, to do all things necessary to ensure that the association no longer controls the body corporate or unincorporated entity or has the ability to veto or otherwise defeat any proposal referred to in paragraph (b). Divestment order (3) If (a) an association (i) fails to provide or obtain within a reasonable time the undertakings referred to in subsection 392(1), (2) or (4), or (ii) is in default of an undertaking referred to in subsection 392(1) or (2) and the default is not remedied within ninety days after the day of receipt by the association of a notice from the Superintendent of the default, or (b) a permitted entity referred to in subsection 392(4) is in default of an undertaking referred to in subsection 392(4) and the default is not remedied within ninety days after the day of receipt by the association of a notice from the Superintendent of the default, the Superintendent may, by order, require the association, within any period that the Superintendent considers reasonable, to do all things necessary to ensure that the association no longer has a substantial investment in the entity to which the undertaking relates. Exception (4) Subsection (2) does not apply in respect of an entity in which an association has a substantial investment permitted by this Part. 1991, c. 48, s. 404; 2001, c. 9, s. 314
Cooperative Credit Associations Act — C-41.01 405
Deemed temporary investment 405 If an association controls or has a substantial investment in an entity as permitted by this Part and the association becomes aware of a change in the business or affairs of the entity that, if the change had taken place before the acquisition of control or of the substantial investment, would have caused the entity not to be a permitted entity or would have been such that approval for the acquisition would have been required under subsection 390(5) or (6), the association is deemed to have acquired, on the day the association becomes aware of the change, a temporary investment in respect of which section 393 applies. 1991, c. 48, s. 405; 1997, c. 15, s. 148; 2001, c. 9, s. 314
Cooperative Credit Associations Act — C-41.01 406
section (1) is the total of the value of each of those assets as reported in the last annual statement of the association prepared before the transfer of the asset or, if the value of any of those assets is not reported in that annual statement, as it would be reported in the annual statement of the association if the annual statement had been prepared, in accordance with the accounting principles referred to in subsection 292(4), immediately before the transfer of the asset. 1991, c. 48, s. 406; 1997, c. 15, s. 149; 2001, c. 9, s. 314; 2007, c. 6, s. 176
Cooperative Credit Associations Act — C-41.01 407
Transitional 407 Nothing in this Part requires (a) the termination of a loan made before February 7, 2001; (b) the termination of a loan made after that date as a result of a commitment made before that date; (c) the disposal of an investment made before that date; or (d) the disposal of an investment made after that date as a result of a commitment made before that date. But if the loan or investment would be precluded or limited by this Part, the amount of the loan or investment may not, except as provided in subsections 393(2), 394(3) and 395(3), be increased after that date. 1991, c. 48, s. 407; 2001, c. 9, s. 314
Cooperative Credit Associations Act — C-41.01 408
Saving 408 A loan or investment referred to in section 407 is deemed not to be prohibited by the provisions of this Part. 1991, c. 48, s. 408; 2001, c. 9, s. 314
Cooperative Credit Associations Act — C-41.01 409
Adequacy of capital and liquidity 409 (1) An association shall, in relation to its operations, maintain (a) adequate capital, and (b) adequate and appropriate forms of liquidity, and shall comply with any regulations in relation thereto. Regulations and guidelines (2) The Governor in Council may make regulations and the Superintendent may make guidelines respecting the maintenance by associations of adequate capital and adequate and appropriate forms of liquidity. Directives (3) Notwithstanding that an association is complying with regulations or guidelines made under subsection (2), the Superintendent may, by order, direct the association (a) to increase its capital; or (b) to provide additional liquidity in such forms and amounts as the Superintendent may require. Compliance (4) An association shall comply with an order made under subsection (3) within such time as the Superintendent specifies therein. Notice of value (5) Where an appraisal of any asset held by an association or any of its subsidiaries has been made by the Superintendent and the value determined by the Superintendent to be the appropriate value of the asset varies materially from the value placed by the association or subsidiary on the asset, the Superintendent shall send to the association, the auditor of the association and the audit committee of the association a written notice of the appropriate value of the asset as determined by the Superintendent. 1991, c. 48, s. 409; 1996, c. 6, s. 55