GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Cooperative Credit Associations Act — C-41.01 368
Disposition of shareholdings 368 (1) If, with respect to any association, a person contravenes section 354 or 354.1 or fails to comply with any terms and conditions imposed under section 359, the Minister may, if the Minister deems it in the public interest to do so, by order, (a) direct that person and any person controlled by that person not to exercise any voting rights attached to shares of the association beneficially owned by any of those persons as the Minister deems appropriate and specifies in the order; and (b) direct that person and any person controlled by that person to dispose of such number of shares of the association beneficially owned by any of those persons as the Minister specifies in the order, within such time as the Minister specifies therein and in such proportion, if any, as between the person and the persons controlled by that person as is specified in the order. Representations (2) No direction shall be made under subsection (1) unless the Minister has provided each person to whom the direction relates and the association concerned with a reasonable opportunity to make representations in respect of the subject-matter of the direction. Appeal (3) Any person with respect to whom a direction has been made under subsection (1) may, within thirty days after the date of the direction, appeal the matter in accordance with section 462. No stay (4) A direction made under paragraph (1)(a) is not stayed by an appeal under subsection (3). 1991, c. 48, s. 368; 2001, c. 9, s. 304
Cooperative Credit Associations Act — C-41.01 369
Application to court 369 (1) Where a person fails to comply with a direction made under subsection 368(1), an application on behalf of the Minister may be made to a court for an order to enforce the direction. Court order (2) A court may, on an application under subsection (1), make such order as the circumstances require to give effect to the terms of the direction and may, without limiting the generality of the foregoing, require the association concerned to sell the shares that are the subject-matter of the direction. Appeal (3) An appeal from an order of a court under this section lies in the same manner as, and to the same court to which, an appeal may be taken from any other order of the court.
Cooperative Credit Associations Act — C-41.01 370
Interest of securities underwriter 370 This Part does not apply to a securities underwriter in respect of shares of a body corporate or ownership interests in an unincorporated entity that are acquired by the underwriter in the course of a distribution to the public of those shares or ownership interests and that are held by the underwriter for a period of not more than six months.
Cooperative Credit Associations Act — C-41.01 371
Arrangements to effect compliance 371 (1) The directors of an association may make such arrangements as they deem necessary to carry out the intent of this Part and, in particular, but without limiting the generality of the foregoing, may (a) require any person in whose name a share of the association is held to submit a declaration setting out (i) the beneficial ownership of the share, and (ii) such other information as the directors deem relevant for the purposes of this Part; (b) require any person who wishes to have a transfer of a share registered in the name of, or to have a share issued to, that person to submit a declaration referred to in paragraph (a) as though the person were the holder of that share; and (c) determine the circumstances in which a declaration referred to in paragraph (a) is to be required, the form of the declaration and the times at which it is to be submitted. Order of Superintendent (2) The Superintendent may, by order, direct an association to obtain from any person in whose name a share of the association is held a declaration setting out the name of every entity controlled by that person and containing information concerning (a) the ownership or beneficial ownership of the share; and (b) such other related matters as are specified by the Superintendent. Compliance required (3) As soon as possible after receipt by an association of a direction under subsection (2), (a) the association shall comply with the direction; and (b) every person who is requested by the association to provide a declaration containing information referred to in subsection (1) or (2) shall comply with the request. Outstanding declaration: effect (4) Where, pursuant to this section, a declaration is required to be submitted by a shareholder or other person in respect of the issue or transfer of any share, an association may refuse to issue the share or register the transfer unless the required declaration is submitted.
Cooperative Credit Associations Act — C-41.01 372
Reliance on information 372 An association and any person who is a director or an officer, employee or agent of the association may rely on any information contained in a declaration required by the directors pursuant to section 371 or on any information otherwise acquired in respect of any matter that might be the subject of such a declaration, and no action lies against the association or any such person for anything done or omitted to be done in good faith in reliance on any such information.
Cooperative Credit Associations Act — C-41.01 374
Exemption regulations 374 The Governor in Council may, by regulation, exempt from any of the provisions of this Part any share transaction or any class of share transactions involving the transfer of shares on the death of the beneficial owner thereof, or any arrangement made in contemplation of the death of the beneficial owner, to one or more members of the beneficial owner’s family, or to one or more trustees on their behalf.
Cooperative Credit Associations Act — C-41.01 375
Main business 375 (1) Subject to this Act, an association shall not engage in or carry on any business other than such business as generally appertains to the business of (a) providing financial services to one or more of the following: (i) a member of the association, (ii) an entity in which an association has a substantial investment as allowed by section 390, (ii.1) another association, (iii) a cooperative credit society, (iv) a cooperative corporation, or (v) an entity controlled by an entity or group of entities described by any of subparagraphs (i) to (iv); and (b) providing administrative, educational, promotional, technical, research and consultative services and related goods to any cooperative credit society, or any person intending to organize or operate such a society, in support of the financial services provided or to be provided by the society. Idem (2) For greater certainty, an association may act as a financial agent for, and provide investment counselling and portfolio management services to, any person referred to in paragraph (1)(a). Restriction (3) Subject to any order that may be made by the Superintendent under section 61 or 62, an association shall not receive money on deposit from a federal credit union, local cooperative credit society or cooperative corporation that is not a member of the association. 1991, c. 48, s. 375; 1997, c. 15, s. 137; 2001, c. 9, s. 306; 2014, c. 39, s. 286
Cooperative Credit Associations Act — C-41.01 375.1
Additional businesses 375.1 (1) In addition to engaging in or carrying on any business that an association is permitted to engage in or carry on under subsection 375(1), an association may, with the approval of the Minister and subject to any order of the Superintendent that may be made under section 61 or 62, (a) provide financial services to persons or entities that are not persons or entities referred to in any of subparagraphs 375(1)(a)(i) to (v); or (b) provide clearing, settlement and payment services to members of the Canadian Payments Association and engage in or carry on ancillary services related to those clearing, settlement and payment services. Terms and conditions (2) The Minister may impose any terms and conditions in respect of the provision of financial services provided by a retail association as the Minister considers necessary or appropriate. The Minister may also vary or revoke any of those terms and conditions. Regulations (3) The Governor in Council may make regulations (a) respecting what an association may or may not do with respect to the provision of services and products referred to in paragraphs (1)(a) and (b); and (b) imposing terms and conditions in respect of the provision of services and products referred to in paragraphs (1)(a) and (b). 2001, c. 9, s. 307
Cooperative Credit Associations Act — C-41.01 376
r under this Act, an association shall not deal in goods or engage in any trade or business. Regulations (4) The Governor in Council may make regulations (a) respecting what an association may or may not do with respect to the provision of services and products referred to in paragraphs (1)(g) and (h) and subsection (2); (b) imposing terms and conditions in respect of the provision of investment counselling and portfolio management services and the provision of services and products referred to in paragraphs (1)(g) and (h) and subsection (2); and (c) respecting the circumstances in which associations may be exempted from the requirement to obtain the approval of the Minister before carrying on a particular activity referred to in paragraph (1)(g) or (h). 1991, c. 48, s. 376; 1997, c. 15, s. 138; 2001, c. 9, s. 307; 2009, c. 2, s. 276(F); 2012, c. 5, s. 106
Cooperative Credit Associations Act — C-41.01 377
Networking 377 Subject to section 381, an association may (a) act as agent for any entity referred to in paragraph 375(1)(a), any member of a cooperative credit society or, if the association is a retail association, any other person in respect of the provision of any service that is provided by a financial institution, a permitted entity as defined in subsection 386(1) or a prescribed entity and may enter into an arrangement with any person in respect of the provision of that service; or (b) refer any person to any such financial institution or entity. 1991, c. 48, s. 377; 2001, c. 9, s. 308
Cooperative Credit Associations Act — C-41.01 378
Restriction on fiduciary activities 378 No association shall act in Canada as (a) an executor, administrator or official guardian or a guardian, tutor, curator, judicial adviser or committee of a mentally incompetent person; or (b) a trustee for a trust.
Cooperative Credit Associations Act — C-41.01 378.1
Restriction on deposit taking 378.1 (1) A retail association shall not accept deposits in Canada unless (a) it is a member institution as defined in section 2 of the Canada Deposit Insurance Corporation Act ; (b) it has been authorized under subsection 26.03(1) of that Act to accept deposits without being a member institution, as defined in section 2 of that Act; or (c) the order approving the commencement and carrying on of business by the retail association authorizes it to accept deposits solely in accordance with subsection (2). Deposits that fall below $150,000 (2) A retail association referred to in paragraph (1)(b) or (c) shall ensure that, on each day that is at least 30 days after it receives the authorization referred to in that paragraph, A/B ≤ 0.01 where A is the sum of all amounts each of which is the sum of all the deposits held by it at the end of a day in the preceding 30 days each of which deposits is less than $150,000 and payable in Canada; and B is the sum of all amounts each of which is the sum of all deposits held by it at the end of a day in those preceding 30 days and payable in Canada. Exchange rate (3) For the purpose of subsection (2), the rate of exchange to be applied on any day in determining the amount in Canadian dollars of a deposit in a currency of a country other than Canada is to be determined in accordance with rules prescribed under subsection 26.03(2) of the Canada Deposit Insurance Corporation Act . Definition of deposit (4) For the purpose of subsection (2), deposit has the meaning that would be given to it by the schedule to the Canada Deposit Insurance Corporation Act for the purposes of deposit insurance if that schedule were read without reference to subsections 2(2), (5) and (6) of that schedule, but does not include prescribed deposits. Regulations (5) The Governor in Council may make regulations (a) prescribing the deposits referred to in subsection (4); and (b) prescribing terms and conditions with respect to the acceptance of those deposits. 2001, c. 9, s. 309; 2007, c. 6, s. 160
Cooperative Credit Associations Act — C-41.01 378.2
Notice before opening account or providing prescribed product 378.2 (1) Before a retail association referred to in paragraph 378.1(1)(b) or (c) opens a deposit account in Canada or provides in Canada any prescribed product that relates to a deposit, the retail association shall, in the prescribed manner, give the person requesting the opening of the account or the provision of the product (a) a notice in writing that deposits to the deposit account, or that the deposit that relates to the prescribed product, as the case may be, will not be insured by the Canada Deposit Insurance Corporation or, if the request is made by telephone, a verbal notice to that effect; and (b) any other information that may be prescribed. Other notice (2) A retail association referred to in paragraph 378.1(1)(b) or (c) shall, in accordance with any regulations that may be made, (a) post notices at all of its branches, and at prescribed points of service, in Canada where deposits are accepted, and on all of its websites at which deposits are accepted in Canada, to inform the public that deposits with the association are not insured by the Canada Deposit Insurance Corporation; and (b) include in its advertisements notices to inform the public that deposits with the retail association are not insured by the Canada Deposit Insurance Corporation. Regulations (3) The Governor in Council may make regulations (a) prescribing the manner in which notices referred to in subsection (1) are to be given and the additional information to be contained in the notices; and (b) respecting notices for the purpose of subsection (2). 2007, c. 6, s. 160
Cooperative Credit Associations Act — C-41.01 378.3
Deposits less than $150,000 378.3 (1) Subject to the regulations, a retail association referred to in paragraph 378.1(1)(b) or (c) may not, in respect of its business in Canada, act as agent for any person in the taking of a deposit that is less than $150,000 and payable in Canada. Meaning of deposit (2) In this section, deposit has the meaning assigned to that term by subsection 378.1(4). Regulations (3) The Governor in Council may make regulations respecting the circumstances in which, and the conditions under which, a retail association referred to in subsection (1) may act as agent for any person in the taking of a deposit that is less than $150,000 and payable in Canada. 2007, c. 6, s. 160
Cooperative Credit Associations Act — C-41.01 378.4
Shared premises 378.4 (1) Subject to the regulations, no retail association referred to in paragraph 378.1(1)(b) or (c) shall carry on business in Canada on premises that are shared with those of a member institution, within the meaning of section 2 of the Canada Deposit Insurance Corporation Act , that is affiliated with the retail association. Limitation (2) Subsection (1) only applies in respect of premises or any portion of premises on which both the retail association and the member institution carry on business with the public and to which the public has access. Adjacent premises (3) Subject to the regulations, no retail association referred to in paragraph 378.1(1)(b) or (c) shall carry on business in Canada on premises that are adjacent to a branch or office of a member institution, within the meaning of section 2 of the Canada Deposit Insurance Corporation Act , that is affiliated with the retail association, unless the retail association clearly indicates to its customers that its business and the premises on which it is carried on are separate and distinct from the business and premises of the affiliated member institution. Regulations (4) The Governor in Council may make regulations (a) respecting the circumstances in which, and the conditions under which, a retail association referred to in paragraph 378.1(1)(b) or (c) may carry on business in Canada on premises that are shared with those of a member institution referred to in subsection (1); and (b) respecting the circumstances in which, and the conditions under which, a retail association referred to in paragraph 378.1(1)(b) or (c) may carry on business in Canada on premises that are adjacent to a branch or office of a member institution referred to in subsection (3). 2007, c. 6, s. 160
Cooperative Credit Associations Act — C-41.01 379
Restriction on guarantees 379 (1) An association shall not guarantee on behalf of any person the payment or repayment of any sum of money unless (a) the sum of money is a fixed sum of money with or without interest thereon; and (b) the person on whose behalf the association has undertaken to guarantee the payment or repayment has an unqualified obligation to reimburse the association for the full amount of the payment or repayment to be guaranteed. Exception (2) Paragraph (1)(a) does not apply where the person on whose behalf the association has undertaken to guarantee a payment or repayment is a subsidiary of the association. (3) [Repealed, 2014, c. 39, s. 287] Regulations (4) The Governor in Council may make regulations imposing terms and conditions in respect of guarantees permitted by this section. 1991, c. 48, s. 379; 1997, c. 15, s. 139; 2001, c. 9, s. 310; 2014, c. 39, s. 287
Cooperative Credit Associations Act — C-41.01 379.1
Restriction — liquidity support 379.1 An association shall not provide any prescribed form of liquidity support for central cooperative credit societies or local cooperative credit societies except in accordance with prescribed terms and conditions. 2014, c. 39, s. 288
Cooperative Credit Associations Act — C-41.01 380
Restriction on securities activities 380 An association shall not deal in Canada in securities to the extent prohibited or restricted by such regulations as the Governor in Council may make for the purposes of this section.
Cooperative Credit Associations Act — C-41.01 380.1
Prohibition 380.1 (1) It is prohibited for an association to issue a debt obligation in relation to which the amounts of principal and interest owing are guaranteed to be paid from loans or other assets held by an entity that is created and organized for the principal purpose of holding those loans or other assets and with the intention of legally isolating those loans or other assets from the association, unless (a) the debt obligation is a covered bond as defined in section 21.5 of the National Housing Act ; (b) the association is a registered issuer as defined in section 21.5 of that Act other than one whose right to issue covered bonds has been suspended; and (c) the debt obligation is issued under a registered program as defined in section 21.5 of that Act. Exception (2) The Governor in Council may make regulations exempting any type of debt obligation from the application of subsection (1). 2012, c. 19, s. 364
Cooperative Credit Associations Act — C-41.01 381
Restriction on insurance business 381 (1) An association shall not undertake the business of insurance except to the extent permitted by this Act or the regulations. Restriction on acting as agent (2) An association shall not act in Canada as agent for any person in the placing of insurance and shall not lease or provide space in its offices in Canada to any person engaged in the placing of insurance. Regulations (3) The Governor in Council may make regulations respecting the matters referred to in subsection (1) and regulations respecting relations between associations and (a) entities that undertake the business of insurance; or (b) insurance agents or insurance brokers. Saving (4) Nothing in this section precludes an association from (a) requiring insurance to be placed by a borrower for the security of the association; or (b) obtaining group insurance for its employees or the employees of its members or of any bodies corporate in which it has a substantial investment pursuant to section 390. No pressure (5) No association shall exercise pressure on a borrower to place insurance for the security of the association with any particular insurance company, but an association may require that an insurance company chosen by a borrower meet with its approval, which shall not be unreasonably withheld. Definition of business of insurance (6) In this section, business of insurance includes (a) the issuance of any annuity if the liability in respect of the annuity is contingent on the death of a person; and (b) the issuance of any debt obligation, any of whose terms and conditions are established on the basis of mortality considerations, under which the issuer is obliged to make periodic payments. 1991, c. 48, s. 381; 2012, c. 19, s. 208
Cooperative Credit Associations Act — C-41.01 382
Restriction on leasing 382 An association shall not engage in Canada in any personal property leasing activity in which a financial leasing entity, within the meaning of subsection 386(1), is not permitted to engage. 1991, c. 48, s. 382; 2001, c. 9, s. 311
Cooperative Credit Associations Act — C-41.01 382.1
Restriction on residential mortgages 382.1 (1) A retail association shall not make a loan in Canada on the security of residential property in Canada for the purpose of purchasing, renovating or improving that property, or refinance such a loan, if the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, would exceed 80 per cent of the value of the property at the time of the loan. Exception (2) Subsection (1) does not apply in respect of (a) a loan made or guaranteed under the National Housing Act or any other Act of Parliament by or under which a different limit on the value of property on the security of which the association may make a loan is established; (b) a loan if repayment of the amount of the loan that exceeds the maximum amount set out in subsection (1) is guaranteed or insured by a government agency or a private insurer approved by the Superintendent; (c) the acquisition by the association from an entity of securities issued or guaranteed by the entity that are secured on any residential property, whether in favour of a trustee or otherwise, or the making of a loan by the association to the entity against the issue of such securities; or (d) a loan secured by a mortgage where (i) the mortgage is taken back by the association on a property disposed of by the association, including where the disposition is by way of a realization of a security interest, and (ii) the mortgage secures payment of an amount payable to the association for the property. 2001, c. 9, s. 311; 2007, c. 6, s. 161