Cooperative Credit Associations Act — C-41.01 386
Definitions 386 (1) The following definitions apply in this Part. closed-end fund means an entity whose activities are limited to investing the funds of the entity so as to provide investment diversification and professional investment management to the holders of its securities, and whose securities are (a) fixed in number and distributed to the public in an offering under a preliminary prospectus, prospectus, short-form prospectus or similar document in accordance with the laws of a province or a foreign jurisdiction; (b) traded on an exchange or an over-the-counter market; and (c) liquidated on a fixed future termination date, the proceeds of which are allocated to the holders of the securities on a proportional basis. ( fonds d’investissement à capital fixe ) commercial loan means (a) any loan made or acquired by an association, other than (i) a loan to a natural person in an amount of two hundred and fifty thousand dollars or less, (ii) a loan to the Government of Canada, the government of a province, a municipality, or to any agency thereof, or to the government of a foreign country or any political subdivision thereof, or any agency thereof, or to a prescribed international agency, (iii) a loan that is guaranteed by, or fully secured by securities issued by, a government, a municipality or an agency referred to in subparagraph (ii), (iv) a loan that is secured by a mortgage on real property, if (A) the mortgage is on residential property and the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, or (B) the mortgage is on real property other than residential property and (I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, and (II) at the time the loan is made or acquired the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property, (v) a loan that is secured by a mortgage on real property, if (A) the mortgage is on residential property and (I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired, and (II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintendent, or (B) the mortgage is on real property other than residential property and (I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired, (II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintendent, and (III) at the time the loan is made or acquired, the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property, (vi) a loan that (A) consists of a deposit made by the association with a financial institution, (B) is fully secured by a deposit with any financial institution, including the association, (C) is fully secured by debt obligations guaranteed by any financial institution other than the association, or (D) is fully secured by a guarantee of a financial institution other than the association, (vii) a loan to another association under prescribed