GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Disclosure on Continuance Regulations (Federal Credit Unions) — a
His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 35.1(3) a of the Bank Act b , makes the annexed Disclosure on Continuance Regulations (Federal Credit Unions) . a S.C. 2010, c. 12, s. 1911 b S.C. 1991, c. 46
Disclosure on Continuance Regulations (Federal Credit Unions) — 1
1 (1) A local cooperative credit society that intends to make an application to the Minister for letters patent continuing it as a federal credit union (the “local cooperative credit society”) must send a notice approved by the Superintendent in consultation with the Canada Deposit Insurance Corporation to the last known mailing address of every member of the local cooperative credit society at least four weeks before the members vote on a special resolution authorizing that application. (2) If a person applies to become a member of the local cooperative credit society after the notice has been sent to members in accordance with subsection (1) and before the day on which the members vote against the special resolution or the day that the Minister issues letters patent continuing the local cooperative credit society as a federal credit union, the local cooperative credit society must provide that person with the notice at the time they apply to become a member. (3) The notice must include the following information: (a) the day on which provincial deposit insurance coverage for the local cooperative credit society would end; (b) a description of the Canada Deposit Insurance Corporation coverage that would apply during the transitional period to the deposits of the local cooperative credit society that is continued as a federal credit union; and (c) a description of the Canada Deposit Insurance Corporation coverage that would apply after the transitional period to the deposits of the local cooperative credit society that is continued as a federal credit union and how it differs from the pre-continuance provincial deposit insurance coverage applicable to the local cooperative credit society.
Disclosure on Continuance Regulations (Federal Credit Unions) — 2
2 The local cooperative credit society must make the notice available by way of a hyperlink on its main page and on any other pages of its website that reference deposit products four weeks before its members vote on the special resolution until the day of a negative vote or the date of continuance.
Disclosure on Continuance Regulations (Federal Credit Unions) — 3
3 The local cooperative credit society must prominently display a sign that refers customers to the notice, and indicates how customers can obtain a copy of the notice, in each branch and office where customers are served four weeks before its members vote on the special resolution until the day of a negative vote or the date of continuance.
Disclosure on Continuance Regulations (Federal Credit Unions) — 4
4 The local cooperative credit society must publish the information contained in the notice once a week in the Canada Gazette for the four weeks before its members vote on the special resolution.
Disclosure on Continuance Regulations (Federal Credit Unions) — 5
5 The local cooperative credit society must publish the information contained in the notice once a week in a newspaper with general circulation in the province or territory in which the local cooperative credit society transacts business for the four weeks before its members vote on the special resolution.
Disclosure on Continuance Regulations (Federal Credit Unions) — 6
6 The local cooperative credit society must make a copy of the notice available to any customer conducting deposit-taking business with staff at a branch of the local cooperative credit society during the period beginning four weeks before its members vote on the special resolution and ending on the day of a negative vote or on the date of continuance.
Disclosure on Continuance Regulations (Federal Credit Unions) — Disclosure on Continuance Regulations (Federal Credit Unions)
* 7 These Regulations come into force on the day on which section 1911 of the Jobs and Economic Growth Act , chapter 12 of the Statutes of Canada, 2010, comes into force or, if later, on the day on which they are registered. * [Note: Regulations in force December 19, 2012, see SI/2012-99.]
Federal Credit Union Conversion Regulations — a
His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 216.14 a of the Bank Act b , makes the annexed Federal Credit Union Conversion Regulations . a S.C. 2010, c. 12, s. 1995 b S.C. 1991, c. 46
Federal Credit Union Conversion Regulations — 1
1 (1) The following definitions apply in these Regulations. Act means the Bank Act . ( Loi ) board authorization means the decision by the board of directors of a federal credit union to pursue conversion. ( autorisation du conseil ) conversion means a federal credit union becoming a bank with common shares as a result of the issuance of letters patent by the Minister under section 216.08 of the Act. ( transformation ) converted credit union means a federal credit union that has been converted into a bank with common shares. ( transformée ) converting credit union means a federal credit union that is proposing to convert into a bank with common shares. ( en transformation ) market terms and conditions has the same meaning as in subsection 501(2) of the Act. ( conditions du marché ) related party has the same meaning as in section 486 of the Act. ( apparenté ) value of the converting credit union means the market value of the converting credit union as of the day on which the conversion occurs or such other day as may be specified by the Superintendent under paragraph 7(a), including that of its membership shares and shares, if any, but excluding (a) any capital to be contributed as part of the conversion proposal; and (b) any expense to be incurred by the converting credit union to effect conversion. ( valeur de la coopérative de crédit en transformation ) valuation expert means a person capable of providing an independent and fair certification of the value of the converting credit union. ( évaluateur expert ) (2) In these Regulations, any reference to an estimated value may be read as a reference to a range of estimated values.
Federal Credit Union Conversion Regulations — Federal Credit Union Conversion Regulations
board authorization means the decision by the board of directors of a federal credit union to pursue conversion. ( autorisation du conseil )
Federal Credit Union Conversion Regulations — Federal Credit Union Conversion Regulations
conversion means a federal credit union becoming a bank with common shares as a result of the issuance of letters patent by the Minister under section 216.08 of the Act. ( transformation )
Federal Credit Union Conversion Regulations — Federal Credit Union Conversion Regulations
converted credit union means a federal credit union that has been converted into a bank with common shares. ( transformée )
Federal Credit Union Conversion Regulations — Federal Credit Union Conversion Regulations
converting credit union means a federal credit union that is proposing to convert into a bank with common shares. ( en transformation )
Federal Credit Union Conversion Regulations — Federal Credit Union Conversion Regulations
market terms and conditions has the same meaning as in subsection 501(2) of the Act. ( conditions du marché )
Federal Credit Union Conversion Regulations — Federal Credit Union Conversion Regulations
related party has the same meaning as in section 486 of the Act. ( apparenté )
Federal Credit Union Conversion Regulations — (a)
value of the converting credit union means the market value of the converting credit union as of the day on which the conversion occurs or such other day as may be specified by the Superintendent under paragraph 7(a), including that of its membership shares and shares, if any, but excluding (a) any capital to be contributed as part of the conversion proposal; and (b) any expense to be incurred by the converting credit union to effect conversion. ( valeur de la coopérative de crédit en transformation )
Federal Credit Union Conversion Regulations — Federal Credit Union Conversion Regulations
valuation expert means a person capable of providing an independent and fair certification of the value of the converting credit union. ( évaluateur expert )
Federal Credit Union Conversion Regulations — 2
2 These Regulations apply in respect of the conversion of a federal credit union into a bank with common shares under section 216.08 of the Act.
Federal Credit Union Conversion Regulations — 3
tements for the converted credit union for the three-year period following the day on which the conversion occurs that are based on one of the following and prepared in a manner consistent with the annual statement, as well as a report or comments on those statements by the converting credit union’s auditor: (i) if the date of the most recent annual financial statement for the converting credit union is more than 120 days before the giving of notice in respect of a special resolution referred to in paragraph (s), the financial statement for the converting credit union for the most recently completed quarter, or (ii) in any other case, the annual statement for the most recently completed financial year of the converting credit union; (o) an indication of the expected capital requirements of the converted credit union, based on the summary statements referred to in paragraph (n), and the anticipated sources of that capital; (p) a description of the terms of and date proposed for any offering of securities by the converted credit union during the three-year period following the day on which the conversion occurs; (q) a description of any corporate reorganization that is expected to be participated in by the converted credit union during the three-year period following the day on which the conversion occurs; (r) a description of the converted credit union’s dividends and patronage allocation policy, compared to that of the converting credit union; (s) a copy of any special resolution that the members and shareholders, if any, of the converting credit union are to consider under subsection 216.09(1) of the Act; (t) a copy of any proposed by-law for the converted credit union; (u) the name of the proposed auditor and any proposed transfer agent for the converted credit union; (v) a statement that the board of directors of the converting credit union may withdraw the conversion proposal at any time before the issuance of letters patent; (w) a summary of the restrictions referred to in section 9; and (x) a summary of the tax consequences of conversion for members and shareholders, if any, of the converting credit union. (2) A copy of the conversion proposal that has been approved by the Superintendent must be provided with the notice of the meeting at which the special resolution referred to in subsection 216.09(1) of the Act is to be considered.
Federal Credit Union Conversion Regulations — 4
4 (1) The converting credit union’s board of directors may amend the conversion proposal at any time before conversion so long as the amended conversion proposal is approved by the Superintendent and by the members and shareholders, if any, of the converting credit union in accordance with paragraph 216.09(1)(a) of the Act. (2) The converting credit union’s board of directors may withdraw the conversion proposal at any time before conversion.
Federal Credit Union Conversion Regulations — 5
5 Unless the conversion proposal provides that the common shares of the converted credit union will be listed on a public market within the three-year period following the day on which the conversion occurs, the converted credit union’s by-laws must include (a) a limitation on the number of common shares of the converted credit union that may be issued; (b) a restriction on a shareholder’s right to transfer a common share if the transfer is not approved by a special resolution of the common shareholders and, as a result of the transfer, the transferee acquires a significant interest in or control of the converted credit union that is not anticipated by the conversion proposal; and (c) a statement that any certificate issued for a common share must note conspicuously that the transfer of the share is restricted under the by-laws of the converted credit union.
Federal Credit Union Conversion Regulations — 7
7 The Superintendent may, prior to approving the conversion proposal, including an amended conversion proposal, (a) specify the day as of which the value of the converting credit union, the market value of its membership shares and the market value of its shares, if any, must be estimated for the purposes of subparagraph 6(k)(ii); (b) require a converting credit union to hold one or more information sessions for its members and shareholders, if any, and set the rules under which the information sessions must be held; (c) direct the converting credit union to take other measures to assist its members and shareholders, if any, in forming a reasoned judgment on the conversion proposal, including by providing additional valuations, fairness opinions and other information further to that required elsewhere in these Regulations; and (d) exempt a converting credit union, on any terms and conditions that the Superintendent considers appropriate, from any of the requirements of subparagraphs 6(k)(iv) and (v).
Federal Credit Union Conversion Regulations — 8
8 (1) Beginning on the day on which the board authorization occurs and ending on the day on which the conversion occurs, the converting credit union must not pay any fee, compensation or other consideration to (a) its related parties or employees, except for (i) regular fees and compensation on market terms and conditions, and (ii) the member and shareholder benefits referred to in paragraph (b); or (b) its members or shareholders, if any, except for (i) interest on deposits and securities on market terms and conditions, (ii) dividends on shares and membership shares on market terms and conditions, in accordance with the converting credit union’s by-laws and section 12.1 of the Act, (iii) patronage allocations and rebates of interest on loans on market terms and conditions, and (iv) any member or shareholder benefits specifically provided for in the conversion proposal. (2) Beginning on the day on which the board authorization occurs and ending one year following the day on which the conversion occurs, the converting credit union must not issue or provide shares, share options or rights to acquire shares, other than those issued as a result of implementing the conversion proposal, to (a) any director, officer or employee of the converted credit union; or (b) any person who was a director, officer or employee of the converting credit union during the year preceding the day on which the conversion occurs.
Federal Credit Union Conversion Regulations — 9
9 (1) Unless the converting credit union is subject to an order to increase its capital under subsection 485(3) of the Act, it must not issue membership shares or securities beginning on the day on which the board authorization occurs. (2) Subsection (1) does not apply to the issuance (a) to a person applying for membership in the converting credit union of the minimum number of membership shares required for membership under the by-laws; (b) of membership shares in payment of a patronage allocation to the converting credit union’s members; or (c) of securities other than shares on market terms and conditions. (3) A converting credit union must not accept any new applications for membership or issue any new membership shares beginning on the thirtieth day before the date of the valuation report referred to in paragraph 6(k).
Federal Credit Union Conversion Regulations — 10
10 As soon as feasible following the board authorization, the converting credit union must publish an announcement at least once a week for a period of four consecutive weeks in the Canada Gazette and in a newspaper of general circulation in each location in which its members normally reside, and continuously for four consecutive weeks on its website, advising members of (a) the proposed conversion; (b) the restrictions set out in sections 8 and 9; and (c) its policy on accepting new members beginning on the day on which the board authorization occurs and ending once the acceptance of new members is prohibited under subsection 9(2).
Federal Credit Union Conversion Regulations — 11
11 An application made under section 216.08 of the Act must include (a) the information referred to in paragraphs 6(a) and (b); (b) the conversion proposal; (c) a statement indicating that the Superintendent has approved the conversion proposal and the date on which it was approved; (d) the special resolutions of the converting credit union’s members and shareholders, if any, accompanied by a certificate from the converting credit union’s board of directors indicating the results of the votes held in respect of the resolutions; (e) the material referred to in paragraphs 6(k) to (m); (f) the converting credit union’s response to any requirement imposed by the Superintendent under section 7; (g) an explanation of how the conversion is in the best interests of the Canadian financial system, including the cooperative financial system; (h) any by-laws necessary to implement the conversion proposal; and (i) the proposed letters patent of conversion.
Federal Credit Union Conversion Regulations — 12
12 A converting credit union that is a bridge institution within the meaning of section 2 of the Canada Deposit Insurance Corporation Act or is subject to an order under paragraph 39.13(1)(a) of that Act (a) need not include the information referred to in paragraphs 3(1)(d) to (f), (h) to (r), (w) and (x) in its conversion proposal; (b) need not supply to the Superintendent the information referred to in paragraphs 6(c) to (o); (c) need not include the information referred to in paragraphs 11(c) to (h) in an application under section 216.08 of the Act; and (d) is not subject to sections 4, 5 and 7 to 10.
Federal Credit Union Conversion Regulations — Federal Credit Union Conversion Regulations
* 13 These Regulations come into force on the day on which section 1995 of the Jobs and Economic Growth Act , chapter 12 of the Statutes of Canada, 2010, comes into force. * [Note: Regulations in force December 19, 2012, see SI/2012-99.]
Guidelines Respecting Control in Fact for the Purpose of Section 377.2 of the Bank Act — a
The Minister of Finance, pursuant to subsection 3(5) a of the Bank Act b , makes the annexed Guidelines Respecting Control in Fact for the Purpose of Section 377.2 of the Bank Act . a S.C. 2010, c. 12, s. 1897(2) b S.C. 1991, c. 46
Guidelines Respecting Control in Fact for the Purpose of Section 377.2 of the Bank Act — 1
Definitions 1 The following definitions apply in these Guidelines. Act means the Bank Act . ( Loi ) applicant means the applicant for an approval referred to in section 373 of the Act. ( demandeur ) senior officer has the same meaning as in section 485.1 of the Act. ( cadre dirigeant )
Guidelines Respecting Control in Fact for the Purpose of Section 377.2 of the Bank Act — Guidelines Respecting Control in Fact for the Purpose of Section 377.2 of the Bank Act
applicant means the applicant for an approval referred to in section 373 of the Act. ( demandeur )
Guidelines Respecting Control in Fact for the Purpose of Section 377.2 of the Bank Act — Guidelines Respecting Control in Fact for the Purpose of Section 377.2 of the Bank Act
senior officer has the same meaning as in section 485.1 of the Act. ( cadre dirigeant )
Guidelines Respecting Control in Fact for the Purpose of Section 377.2 of the Bank Act — 2
Acquisition referred to in section 373 of the Act 2 These Guidelines apply for the purpose of section 377.2 of the Act in respect of an acquisition referred to in section 373 of the Act.
Guidelines Respecting Control in Fact for the Purpose of Section 377.2 of the Bank Act — 3
Determination 3 In determining whether an acquisition referred to in section 373 of the Act would, if approved by the Minister, give a person control, within the meaning of paragraph 3(1)(d) of the Act, of a federal credit union, the policy objectives set out in section 4 must be considered.
Guidelines Respecting Control in Fact for the Purpose of Section 377.2 of the Bank Act — 4
Policy objectives 4 The following policy objectives must be considered for the purpose of a determination referred to in section 3, taking into account the factors set out in section 5: (a) preserving the benefits of the ownership rules applicable to federal credit unions, including (i) continuing the organization and operation of federal credit unions on a cooperative basis, (ii) maintaining a high degree of transparency and member and shareholder oversight over federal credit unions, (iii) lessening the risk of distortions by federal credit unions in their credit allocation that may result from links with investors, and (iv) enhancing the safety and soundness of federal credit unions; (b) allowing federal credit unions to manage their day-to-day operations and to develop their strategic visions by taking into account their best interests, as opposed to the best interests of any single member or shareholder, any group of members or shareholders, or any person or group of persons with which the federal credit unions have a business relationship; and (c) allowing investors in federal credit unions to exercise the degree of influence necessary to gain the benefits of their investments, including allowing them to account for their investments using the equity accounting method in accordance with generally accepted accounting principles.
Guidelines Respecting Control in Fact for the Purpose of Section 377.2 of the Bank Act — Guidelines Respecting Control in Fact for the Purpose of Section 377.2 of the Bank Act
S.C. 2010, c. 12 * 6 These Guidelines come into force on the day on which subsection 1897(2) of the Jobs and Economic Growth Act comes into force, but if they are registered after that day, they come into force on the day on which they are registered. * [Note: Guidelines in force December 19, 2012, see SI/2012-99.]
Eligible Mortgage Loan Regulations — a
The Minister of Finance, having consulted with the Governor of the Bank of Canada and the Superintendent of Financial Institutions, pursuant to subsection 42(1) of the Protection of Residential Mortgage or Hypothecary Insurance Act a , makes the annexed Eligible Mortgage Loan Regulations . a S.C. 2011, c. 15, s. 20