GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Cooperative Credit Associations Act — C-41.01 434
Register of associations 434 (1) The Superintendent shall, in respect of each association, cause a register to be maintained containing a copy of (a) the incorporating instrument of the association; and (b) the information referred to in paragraphs 432(1)(a) and (c) to (g) contained in the latest return sent to the Superintendent under section 432. Form (2) The register may be maintained in (a) a bound or loose-leaf form or in a photographic film form; or (b) a system of mechanical or electronic data processing or any other information storage device that is capable of reproducing any required information in intelligible written form within a reasonable time. Access (3) Persons are entitled to reasonable access to the register and may make copies of or take extracts from the information in it. Evidence (4) A statement containing information in the register and purporting to be certified by the Superintendent is admissible in evidence in all courts as proof, in the absence of evidence to the contrary, of the facts stated in the statement without proof of the appointment or signature of the Superintendent. 1991, c. 48, s. 434; 2001, c. 9, s. 325
Cooperative Credit Associations Act — C-41.01 435
Confidential information 435 (1) Subject to section 436, all information regarding the business or affairs of an association, or regarding a person dealing with an association, that is obtained by the Superintendent, or by any person acting under the direction of the Superintendent, as a result of the administration or enforcement of any Act of Parliament, and all information prepared from that information, is confidential and shall be treated accordingly. Disclosure permitted (2) Nothing in subsection (1) prevents the Superintendent from disclosing any information (a) to any government agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision, (a.1) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision, (a.2) to the Canada Deposit Insurance Corporation for purposes related to its operation, and (b) to the Deputy Minister of Finance or any officer of the Department of Finance authorized in writing by the Deputy Minister of Finance or to the Governor of the Bank of Canada or any officer of the Bank of Canada authorized in writing by the Governor of the Bank of Canada, for the purposes of policy analysis related to the regulation of financial institutions, if the Superintendent is satisfied that the information will be treated as confidential by the agency, body or person to whom it is disclosed. 1991, c. 48, s. 435; 1997, c. 15, s. 158; 2001, c. 9, s. 326
Cooperative Credit Associations Act — C-41.01 435.1
Regulations 435.1 The Governor in Council may make regulations prohibiting, limiting or restricting the disclosure by associations of prescribed supervisory information. 1999, c. 28, s. 117
Cooperative Credit Associations Act — C-41.01 435.2
Evidentiary privilege 435.2 (1) Prescribed supervisory information shall not be used as evidence in any civil proceedings and is privileged for that purpose. No testimony or production (2) No person shall by an order of any court, tribunal or other body be required in any civil proceedings to give oral testimony or to produce any document relating to any prescribed supervisory information. Exceptions to subsection (1) (3) Despite subsection (1), (a) the Minister, the Superintendent or the Attorney General of Canada may, in accordance with the regulations, if any, use prescribed supervisory information as evidence in any proceedings; and (b) an association may, in accordance with the regulations, if any, use prescribed supervisory information as evidence in any proceedings in relation to the administration or enforcement of this Act or the Winding-up and Restructuring Act that are commenced by the association, the Minister, the Superintendent or the Attorney General of Canada. Exceptions to subsections (1) and (2) (4) Despite subsections (1) and (2) and section 39.1 of the Office of the Superintendent of Financial Institutions Act , a court, tribunal or other body may, by order, require the Minister, the Superintendent or an association to give oral testimony or to produce any document relating to any prescribed supervisory information in any civil proceedings in relation to the administration or enforcement of this Act that are commenced by the Minister, the Superintendent, the Attorney General of Canada or the association. No waiver (5) The disclosure of any prescribed supervisory information, other than under subsection (3) or (4), does not constitute a waiver of the privilege referred to in subsection (1). Regulations (6) The Governor in Council may, for the purposes of subsection (3), make regulations respecting the circumstances in which prescribed supervisory information may be used as evidence. 2001, c. 9, s. 327; 2007, c. 6, s. 181; 2015, c. 36, s. 238
Cooperative Credit Associations Act — C-41.01 436
Disclosure by Superintendent 436 (1) The Superintendent shall disclose at such times and in such manner as the Minister may determine, such information obtained by the Superintendent under this Act as the Minister considers ought to be disclosed for the purposes of the analysis of the financial condition of an association and that (a) is contained in returns filed pursuant to the Superintendent’s financial regulatory reporting requirements in respect of associations; or (b) has been obtained as a result of an industry-wide or sectoral survey conducted by the Superintendent in relation to an issue or circumstances that could have an impact on the financial condition of associations. Prior consultation required (2) The Minister shall consult with the Superintendent before making any determination under subsection (1). 1991, c. 48, s. 436; 1994, c. 26, s. 28; 1996, c. 6, s. 57
Cooperative Credit Associations Act — C-41.01 436.1
Disclosure by an association 436.1 An association shall make available to the public such information concerning (a) the compensation of its executives, as that expression is defined by the regulations, and (b) its business and affairs for the purpose of the analysis of its financial condition, in such form and manner and at such times as may be required by or pursuant to such regulations as the Governor in Council may make for the purpose. 1996, c. 6, s. 57
Cooperative Credit Associations Act — C-41.01 436.2
Exceptions to disclosure 436.2 No information obtained by an association regarding any of its customers shall be disclosed or made available under subsection 436(1) or section 436.1. 1996, c. 6, s. 57
Cooperative Credit Associations Act — C-41.01 436.3
Report respecting disclosure 436.3 The Superintendent shall prepare a report, to be included in the report referred to in section 40 of the Office of the Superintendent of Financial Institutions Act , respecting the disclosure of information by associations and describing the state of progress made in enhancing the disclosure of information in the financial services industry. 1996, c. 6, s. 57; 2001, c. 9, s. 328
Cooperative Credit Associations Act — C-41.01 437
Examination of associations 437 (1) The Superintendent, from time to time, but at least once in each calendar year, shall make or cause to be made any examination and inquiry into the business and affairs of each association that the Superintendent considers to be necessary or expedient to determine whether the association is complying with the provisions of this Act and whether the association is in a sound financial condition and, after the conclusion of each examination and inquiry, shall report on it to the Minister. Access to records of association (2) The Superintendent or a person acting under the Superintendent’s direction (a) has a right of access to any records, cash, assets and security held by or on behalf of an association; and (b) may require the directors, officers and auditor of an association to provide information and explanations, to the extent that they are reasonably able to do so, in respect of the condition and affairs of the association or any entity in which the association has a substantial investment. 1991, c. 48, s. 437; 2001, c. 9, s. 329; 2012, c. 5, s. 119
Cooperative Credit Associations Act — C-41.01 438
Power of Superintendent on inquiry 438 The Superintendent has all the powers of a person appointed as a commissioner under Part II of the Inquiries Act for the purpose of obtaining evidence under oath, and may delegate those powers to any person acting under the Superintendent’s direction.
Cooperative Credit Associations Act — C-41.01 438.1
Prudential agreement 438.1 The Superintendent may enter into an agreement, called a “prudential agreement”, with an association for the purposes of implementing any measure designed to maintain or improve its safety and soundness. 2001, c. 9, s. 330
Cooperative Credit Associations Act — C-41.01 439
Superintendent’s directions to association 439 (1) Where, in the opinion of the Superintendent, an association, or a person with respect to an association, is committing, or is about to commit, an act that is an unsafe or unsound practice in conducting the business of the association, or is pursuing or is about to pursue any course of conduct that is an unsafe or unsound practice in conducting the business of the association, the Superintendent may direct the association or person to (a) cease or refrain from committing the act or pursuing the course of conduct; and (b) perform such acts as in the opinion of the Superintendent are necessary to remedy the situation. Opportunity for representations (2) Subject to subsection (3), no direction shall be issued to an association or person under subsection (1) unless the association or person is provided with a reasonable opportunity to make representations in respect of the matter. Temporary direction (3) Where, in the opinion of the Superintendent, the length of time required for representations to be made under subsection (2) might be prejudicial to the public interest, the Superintendent may make a temporary direction with respect to the matters referred to in paragraphs (1)(a) and (b) having effect for a period of not more than fifteen days. Idem (4) Subject to section 440, a temporary direction under subsection (3) continues to have effect after the expiration of the fifteen day period referred to in that subsection if no representations are made to the Superintendent within that period or, if representations have been made, the Superintendent notifies the association or person that the Superintendent is not satisfied that there are sufficient grounds for revoking the direction.
Cooperative Credit Associations Act — C-41.01 441
Court enforcement 441 (1) Where an association or person (a) is contravening or has failed to comply with a prudential agreement entered into under section 438.1 or a direction of the Superintendent issued to the association or person pursuant to subsection 439(1) or (3), (b) is contravening this Act, or (c) has omitted to do any thing under this Act that is required to be done by or on the part of the association or person, the Superintendent may, in addition to any other action that may be taken under this Act, apply to a court for an order requiring the association or person to comply with the prudential agreement or the direction, cease the contravention or do any thing that is required to be done, and on such application the court may so order and make any other order it thinks fit. Appeal (2) An appeal from a decision of a court under subsection (1) lies in the same manner, and to the same court, as an appeal from any other order of the court. 1991, c. 48, s. 441; 2001, c. 9, s. 331
Cooperative Credit Associations Act — C-41.01 441.01
Meaning of senior officer 441.01 In sections 441.1 and 441.2, senior officer means the chief executive officer, secretary, treasurer, controller of an association or any other officer reporting directly to the association’s board of directors or chief executive officer. 2001, c. 9, s. 332
Cooperative Credit Associations Act — C-41.01 441.1
Application 441.1 (1) This section applies only in respect of an association (a) that has been notified by the Superintendent that this section applies to it where the association is subject to measures designed to maintain or improve its safety and soundness, which measures (i) have been specified by the Superintendent by way of conditions or limitations in respect of the order approving the commencement and carrying on of the association’s business, or (ii) are contained in a prudential agreement entered into under section 438.1 or an undertaking given by the association to the Superintendent; or (b) that is the subject of a direction made under section 439 or an order made under subsection 409(3). Information to be provided (2) An association shall provide the Superintendent with the name of (a) each person who has been nominated for election or appointment as a member of its board of directors, and (b) each person who has been selected by the association for appointment as a senior officer, together with such other information about the background, business record and experience of the person as the Superintendent may require. When information to be provided (3) The information required by subsection (2) shall be provided to the Superintendent at least thirty days prior to the date or proposed date of the election or appointment or within such shorter period as the Superintendent may allow. Disqualification (4) If the Superintendent is of the opinion that, on the basis of the competence, business record, experience, conduct or character of a person, he or she is not suitable to hold that position, the Superintendent may, by order, disqualify the person from being elected or appointed as a director of an association or from being appointed as a senior officer. Risk of prejudice (4.1) In forming an opinion under subsection (4), the Superintendent must consider whether the interests of the depositors and creditors of the association would likely be prejudiced if the person were to take office or continue to hold office, as the case may be. Representations may be made (5) The Superintendent must in writing notify the person concerned and the association of any action that the Superintendent proposes to take under subsection (4) and must afford them an opportunity within 15 days after the date of the notice, or within any longer period that the Superintendent allows, to make representations to the Superintendent in relation to the matter. Prohibition (6) Where an order has been made under subsection (4) disqualifying a person from being elected or appointed to a position, the person shall not be, and the association shall not permit the person to be, elected or appointed to the position. 1996, c. 6, s. 59; 2001, c. 9, s. 333
Cooperative Credit Associations Act — C-41.01 441.2
Removal of directors or senior officers 441.2 (1) The Superintendent may, by order, remove a person from office as a director or senior officer of an association if the Superintendent is of the opinion that the person is not suitable to hold that office (a) on the basis of the competence, business record, experience, conduct or character of the person; or (b) because the person has contravened or, by action or negligence, has contributed to the contravention of (i) this Act or the regulations made under it, (ii) a direction made under section 439, (iii) an order made under subsection 409(3), (iv) a condition or limitation in respect of the order approving the commencement and carrying on of the association’s business, or (v) a prudential agreement entered into under section 438.1 or an undertaking given by the association to the Superintendent. Risk of prejudice (2) In forming an opinion under subsection (1), the Superintendent must consider whether the interests of the depositors and creditors of the association have been or are likely to be prejudiced by the person’s holding office as a director or senior officer. Representations may be made (3) The Superintendent must in writing notify the person concerned and the association of any removal order that the Superintendent proposes to make under subsection (1) and must afford them an opportunity within 15 days after the date of the notice, or within any longer period that the Superintendent allows, to make representations to the Superintendent in relation to the matter. Suspension (4) If the Superintendent is of the opinion that the public interest may be prejudiced by the director or senior officer continuing to exercise the powers or carry out the duties and functions of that office during the period for making representations, the Superintendent may make an order suspending the director or senior officer. The suspension may not extend beyond 10 days after the expiration of that period. Notice of order (5) The Superintendent shall, without delay, notify the director or senior officer, as the case may be, and the association of a removal order or suspension order. Consequences of removal order (6) The director or senior officer, as the case may be, ceases to hold that office as of the date the removal order is made or any later date specified in the order. Appeal (7) The director or senior officer, as the case may be, or the association may, within 30 days after the date of receipt of notice of the removal order under subsection (5), or within any longer period that the Court allows, appeal the matter to the Federal Court. Powers of Federal Court (8) The Federal Court, in the case of an appeal, may dismiss the appeal or set aside the removal order. Order not stayed by appeal (9) A removal order is not stayed by an appeal. 2001, c. 9, s. 334
Cooperative Credit Associations Act — C-41.01 443 to 445
443 to 445 [Repealed, 1996, c. 6, s. 61]
Cooperative Credit Associations Act — C-41.01 446
Powers of directors and officers suspended 446 (1) Where the Superintendent takes control of an association pursuant to subparagraph 442(1)(b)(iii), the powers, duties, functions, rights and privileges of the directors of the association and of the officers of the association responsible for its management are suspended. Superintendent to manage association (2) Where the Superintendent takes control of an association pursuant to subparagraph 442(1)(b)(iii), the Superintendent shall manage the business and affairs of the association and in so doing the Superintendent (a) may perform any of the duties and functions that the persons referred to in subsection (1) were performing prior to the taking of control; and (b) has and may exercise any power, right or privilege that any such person had or could have exercised prior to the taking of control. Persons to assist (3) Where the Superintendent takes control of an association pursuant to subparagraph 442(1)(b)(iii), the Superintendent may appoint one or more persons to assist in the management of the association. 1991, c. 48, s. 446; 1996, c. 6, s. 62
Cooperative Credit Associations Act — C-41.01 447
Expiration of control 447 Control by the Superintendent under subsection 442(1) of an association or of the assets of an association and the assets held under the administration of the association expires on the day on which a notice by the Superintendent is sent to the directors and officers who conducted the business and affairs of the association stating that the Superintendent is of the opinion that the circumstances leading to the taking of control by the Superintendent have been substantially rectified and that the association can resume control of its business and affairs. 1991, c. 48, s. 447; 1996, c. 6, s. 62
Cooperative Credit Associations Act — C-41.01 447.1
Superintendent may request winding-up 447.1 The Superintendent may, at any time before the receipt of a request under section 448 to relinquish control of an association or of the assets of an association and the assets held under the administration of the association, request the Attorney General of Canada to apply for a winding-up order under section 10.1 of the Winding-up and Restructuring Act in respect of the association where (a) the assets of the association and the assets held under the administration of the association are under the control of the Superintendent pursuant to subparagraph 442(1)(b)(i) or (ii); or (b) the association is under the control of the Superintendent pursuant to subparagraph 442(1)(b)(iii). 1996, c. 6, s. 62
Cooperative Credit Associations Act — C-41.01 448
Requirement to relinquish control 448 Where no action has been taken by the Superintendent under subsection 447.1 and, after thirty days following the taking of control by the Superintendent under subsection 442(1) of an association or of the assets of an association and the assets held under the administration of the association, the Superintendent receives from the board of directors a notice in writing requesting the Superintendent to relinquish control, the Superintendent must, not later than twelve days after receipt of the notice, (a) comply with the request; or (b) request the Attorney General of Canada to apply for a winding-up order under section 10.1 of the Winding-up and Restructuring Act in respect of the association. 1991, c. 48, s. 448; 1996, c. 6, s. 62
Cooperative Credit Associations Act — C-41.01 449
Advisory committee 449 The Superintendent may, from among the associations that are subject to an assessment under section 23 of the Office of the Superintendent of Financial Institutions Act and required to share in the expenses resulting from the taking of control of an association pursuant to subsection 442(1), appoint a committee of not more than six members to advise the Superintendent in respect of assets, management and all other matters pertinent to the duties and responsibilities of the Superintendent in exercising control of the association. 1991, c. 48, s. 449; 1996, c. 6, s. 62
Cooperative Credit Associations Act — C-41.01 450
Expenses payable by associations 450 (1) Where the Superintendent has taken control of an association pursuant to subparagraph 442(1)(b)(iii) and the control expires or is relinquished pursuant to section 447 or paragraph 448(a), the Superintendent may direct that the association be liable for repayment of all or part of the expenses resulting from the taking of control of the association and assessed against and paid by other associations pursuant to section 23 of the Office of the Superintendent of Financial Institutions Act , together with such interest in respect thereof at such rate as is specified by the Superintendent. Debt due to Her Majesty (2) Where any direction is made under subsection (1), the amount for which the association is liable is a debt due to Her Majesty in right of Canada payable on demand and is recoverable in the Federal Court or any other court of competent jurisdiction. 1991, c. 48, s. 450; 1996, c. 6, s. 63
Cooperative Credit Associations Act — C-41.01 451
Priority of claim in liquidation 451 In the case of the winding-up of an association, the expenses resulting from the taking of control of the association under subsection 442(1) and assessed against and paid by other associations pursuant to section 23 of the Office of the Superintendent of Financial Institutions Act , and interest in respect thereof at such rate as is specified by the Superintendent, constitute a claim of Her Majesty in right of Canada against the assets of the association that ranks after all other claims but prior to any claim in respect of the membership shares or shares of the association. 1991, c. 48, s. 451; 1996, c. 6, s. 64(E)
Cooperative Credit Associations Act — C-41.01 452
Application of assessment 452 Any amount recovered pursuant to section 450 or 451 shall be applied to reduce the total amount of expenses incurred for or in connection with the administration of this Act.