GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Cooperative Credit Associations Act — C-41.01 340
Costs of liquidation 340 A liquidator shall pay the costs of liquidation out of the property of the association and shall pay or make adequate provision for all claims against the association.
Cooperative Credit Associations Act — C-41.01 341
Final accounts 341 (1) Within one year after the appointment of a liquidator and after paying or making adequate provision for all claims against the association, the liquidator shall apply to the court (a) for approval of the final accounts of the liquidator and for an order permitting the distribution, in money or in kind, of the remaining property of the association to its members or shareholders, according to their respective rights; or (b) for an extension of time, setting out the reasons therefor. Member’s application (2) If a liquidator fails to make the application required by subsection (1), a member of the association may apply to the court for an order for the liquidator to show cause why a final accounting and distribution should not be made. Notification of final accounts (3) A liquidator shall give notice of the liquidator’s intention to make an application under subsection (1) to the Superintendent, to each inspector appointed under section 333, to each member or shareholder of the association and to any person who provided a security or fidelity bond for the liquidation. Publication (4) The liquidator shall publish the notice required under subsection (3) in the Canada Gazette and once a week for two consecutive weeks in one or more newspapers in general circulation in each province in which the association has transacted any business within the preceding twelve months or as otherwise directed by the court.
Cooperative Credit Associations Act — C-41.01 342
Final order 342 (1) If the court approves the final accounts rendered by a liquidator, the court shall make an order (a) directing the association to apply to the Minister for letters patent dissolving the association; (b) directing the custody or disposal of the documents, records and registers of the association; and (c) discharging the liquidator except in respect of the duty of a liquidator under subsection (2). Delivery of order (2) The liquidator shall forthwith send a certified copy of the order referred to in subsection (1) to the Superintendent.
Cooperative Credit Associations Act — C-41.01 343
Right to distribution of money 343 (1) If in the course of the liquidation of an association the members resolve to, or the liquidator proposes to, (a) exchange all or substantially all of the remaining property of the association for securities of another entity that are to be distributed to the members and shareholders, or (b) distribute all or part of the remaining property of the association to the members and shareholders in kind, a member or shareholder may apply to the court for an order requiring the distribution of the remaining property of the association to be in money. Powers of court (2) On an application under subsection (1), the court may order (a) all of the remaining property of the association to be converted into and distributed in money; or (b) the claim of any member or shareholder applying under this section to be satisfied by a distribution in money. Order by court (3) Where an order is made by a court under paragraph (2)(b), the court (a) shall fix a fair value on the share of the property of the association attributable to the member or shareholder; (b) may in its discretion appoint one or more appraisers to assist the court in fixing a fair value in accordance with paragraph (a); and (c) shall render a final order against the association in favour of the member or shareholder for the amount of the share of the property of the association attributable to the member or shareholder.
Cooperative Credit Associations Act — C-41.01 344
Dissolution by letters patent 344 (1) On an application made pursuant to an order under paragraph 342(1)(a), the Minister may issue letters patent dissolving the association. Association dissolved (2) An association in respect of which letters patent are issued under subsection (1) is dissolved and ceases to exist on the date of the issuance of the letters patent.
Cooperative Credit Associations Act — C-41.01 345
Extended definitions of member and shareholder 345 In sections 347 and 348, member and shareholder includes the personal representative of a member or shareholder, as the case may be.
Cooperative Credit Associations Act — C-41.01 346
Continuation of actions 346 (1) Notwithstanding the dissolution of an association under this Part, (a) a civil, criminal or administrative action or proceeding commenced by or against the association before its dissolution may be continued as if the association had not been dissolved; (b) a civil, criminal or administrative action or proceeding may be brought against the association within two years after its dissolution as if the association had not been dissolved; and (c) any property that would have been available to satisfy any judgment or order if the association had not been dissolved remains available for that purpose. Service on association (2) Service of a document on an association after its dissolution may be effected by serving the document on a person shown as a director in the incorporating instrument of the association or, if applicable, in the latest return sent to the Superintendent under section 432.
Cooperative Credit Associations Act — C-41.01 347
Limitations on liability 347 (1) Notwithstanding the dissolution of an association, a member or shareholder to whom any of its property has been distributed is liable to any person claiming under subsection 346(1) to the extent of the amount received by that member on the distribution. Limitation (2) An action to enforce liability under subsection (1) may not be commenced except within two years after the date of the dissolution of the association. Action against class (3) A court may order an action referred to in subsections (1) and (2) to be brought against the persons who were members, or shareholders, as a class, subject to such conditions as the court thinks fit. Reference (4) If the plaintiff establishes a claim in an action under subsection (3), the court may refer the proceedings to a referee or other officer of the court who may (a) add as a party to the proceedings each person found by the plaintiff to have been a member or shareholder; (b) determine, subject to subsection (1), the amount that each person who was a member or shareholder must contribute towards satisfaction of the plaintiff’s claim; and (c) direct payment of the amounts so determined.
Cooperative Credit Associations Act — C-41.01 348
Where person cannot be found 348 Where a creditor, member or shareholder to whom property is to be distributed on the dissolution of an association cannot be found, the portion of the property to be distributed to that creditor, member or shareholder shall be converted into money and paid in accordance with section 350.
Cooperative Credit Associations Act — C-41.01 349
Vesting in Crown 349 Subject to subsection 346(1) and sections 350 and 351, property of an association that has not been disposed of at the date of the dissolution of the association vests in Her Majesty in right of Canada.
Cooperative Credit Associations Act — C-41.01 350
Unclaimed money on winding-up 350 (1) Notwithstanding the Winding-up and Restructuring Act , where the business of an association is being wound up, the liquidator or the association shall pay to the Minister on demand and in any event before the final winding-up of that business any amount that is payable by the liquidator or the association to a creditor, member or shareholder of the association to whom payment thereof has not, for any reason, been made. Records (2) Where a liquidator or an association makes a payment to the Minister under subsection (1) with respect to a creditor, member or shareholder, the liquidator or association shall concurrently forward to the Minister all documents, records and registers in the possession of the liquidator or association that relate to the entitlement of the creditor, member or shareholder. Payment to Bank of Canada (3) The Minister shall pay to the Bank of Canada all amounts paid to the Minister under subsection (1) and shall provide the Bank of Canada with any document, record or register received by the Minister under subsection (2). Liquidator and association discharged (4) Payment by a liquidator or an association to the Minister under subsection (1) discharges the liquidator and the association in respect of which the payment is made from all liability for the amount so paid, and payment by the Minister to the Bank of Canada under subsection (3) discharges the Minister from all liability for the amount so paid. 1991, c. 48, s. 350; 1996, c. 6, s. 167
Cooperative Credit Associations Act — C-41.01 351
Liability of Bank of Canada 351 (1) Subject to section 22 of the Bank of Canada Act , where payment has been made to the Bank of Canada of an amount under subsection 350(3), the Bank of Canada, if payment is demanded by a person who, but for subsection 350(4), would be entitled to receive payment of that amount from the liquidator, the association or the Minister, is liable to pay to that person at its head office an amount equal to the amount so paid to it, with interest thereon for the period, not exceeding ten years, from the day on which the payment was received by the Bank of Canada until the date of payment to the person, at such rate and computed in such manner as the Minister determines. Enforcing liability (2) The liability of the Bank of Canada under subsection (1) may be enforced by action against the Bank of Canada in the court in the province in which the debt or instrument was payable.
Cooperative Credit Associations Act — C-41.01 352
Custody of records after dissolution 352 A person who has been granted custody of the documents, records and registers of a dissolved association shall keep them available for production for six years following the date of the dissolution of the association or until the expiration of such shorter period as may be ordered by the court when it orders the dissolution.
Cooperative Credit Associations Act — C-41.01 353
Insolvency 353 (1) In the case of the insolvency of an association, (a) the payment of any amount due to Her Majesty in right of Canada, in trust or otherwise, except indebtedness evidenced by subordinated indebtedness, shall be a first charge on the assets of the association; (b) the payment of any amount due to Her Majesty in right of a province, in trust or otherwise, except indebtedness evidenced by subordinated indebtedness, shall be a second charge on the assets of the association; (c) the payment of the deposit liabilities of the association and all other liabilities of the association, except the liabilities referred to in paragraphs (d) and (e), shall be a third charge on the assets of the association; (d) subordinated indebtedness of the association and all other liabilities that by their terms rank equally with or subordinate to such subordinated indebtedness shall be a fourth charge on the assets of the association; and (e) the payment of any fines and penalties for which the association is liable shall be a last charge on the assets of the association. Priority not affected (2) Nothing in subsection (1) prejudices or affects the priority of any holder of any security interest in any property of an association. Priorities (3) Priorities within each of paragraphs (1)(a) to (e) shall be determined in accordance with the laws governing priorities and, where applicable, by the terms of the indebtedness and liabilities referred to therein. 1991, c. 48, s. 353; 2001, c. 9, s. 296
Cooperative Credit Associations Act — C-41.01 354
Constraining acquisition 354 (1) No person, or entity controlled by a person, shall, without the approval of the Minister, purchase or otherwise acquire any share of an association or purchase or otherwise acquire control of any entity that holds any share of an association if (a) the acquisition would cause the person to have a significant interest in any class of shares of the association; or (b) where the person has a significant interest in a class of shares of the association, the acquisition would increase the significant interest of the person in that class of shares. Amalgamation, etc., constitutes acquisition (2) If the entity that would result from an amalgamation, a merger or a reorganization would have a significant interest in a class of shares of an association, the entity is deemed to be acquiring a significant interest in that class of shares of the association through an acquisition for which the approval of the Minister is required under subsection (1). Exemption (3) On application by an association, the Superintendent may exempt from the application of this section and section 355 any class of shares of the association that do not amount to more than 30% of the equity of the association. Definition of equity (4) For the purposes of this section, equity , in respect of an association, means its equity as determined in accordance with the regulations. 1991, c. 48, s. 354; 1993, c. 34, s. 54; 2001, c. 9, s. 297; 2007, c. 6, s. 158
Cooperative Credit Associations Act — C-41.01 354.1
No acquisition of control without approval 354.1 (1) No person shall acquire control, within the meaning of paragraph 3(1)(e), of an association without the approval of the Minister. Amalgamation, etc., constitutes acquisition (2) If the entity that would result from an amalgamation, a merger or a reorganization would control, within the meaning of paragraph 3(1)(e), an association, the entity is deemed to be acquiring control, within the meaning of that paragraph, of the association through an acquisition for which the approval of the Minister is required under subsection (1). 2001, c. 9, s. 298; 2007, c. 6, s. 159
Cooperative Credit Associations Act — C-41.01 355
Constraining registration 355 No association shall, unless the acquisition of the share has been approved by the Minister, record in its securities register a transfer or issue of any share of the association to any person or to any entity controlled by a person if (a) the transfer or issue of the share would cause the person to have a significant interest in any class of shares of the association; or (b) where the person has a significant interest in a class of shares of the association, the transfer or issue of the share would increase the significant interest of the person in that class of shares of the association.
Cooperative Credit Associations Act — C-41.01 355.1
Exception for small holdings 355.1 Notwithstanding section 355, where, as a result of a transfer or issue of shares of a class of shares of an association to a person, the total number of shares of that class registered in the securities register of the association in the name of that person (a) would not exceed five thousand, and (b) would not exceed 0.1 per cent of the outstanding shares of that class, the association is entitled to assume that no person is acquiring or increasing a significant interest in that class of shares of the association as a result of that issue or transfer of shares. 1994, c. 47, s. 53
Cooperative Credit Associations Act — C-41.01 356
tions. Regulations (5) The Governor in Council may make regulations (a) exempting from the application of paragraph (4)(a) the acquisition of a significant interest in a class of shares of the association by an entity controlled by the person; and (b) exempting from the application of paragraph (4)(b) an increase in a significant interest in a class of shares of the association by an entity controlled by the person by a percentage that is greater than the percentage referred to in subsection (2) or (3), whichever applies. 1991, c. 48, s. 356; 1997, c. 15, s. 136
Cooperative Credit Associations Act — C-41.01 357
When approval not required 357 (1) Despite subsections 354(1) and (2) and section 355, the approval of the Minister is not required if (a) the Superintendent has, by order, directed the association to increase its capital and shares of the association are issued and acquired in accordance with the terms and conditions, if any, that may be specified in the order; or (b) a person who controls, within the meaning of paragraph 3(1)(d), the association acquires additional shares of the association. Pre-approval (2) For the purposes of subsections 354(1) and (2) and section 355, the Minister may approve (a) the purchase or other acquisition of such number or percentage of shares of an association as may be required in a particular transaction or series of transactions; or (b) the purchase or other acquisition of up to a specified number or percentage of shares of an association within a specified period. 1991, c. 48, s. 357; 2001, c. 9, s. 299
Cooperative Credit Associations Act — C-41.01 358
Application for approval 358 (1) An application for an approval of the Minister required under this Part must be filed with the Superintendent and contain the information, material and evidence that the Superintendent may require. Applicant (2) If, with respect to any particular transaction, this Part applies to more than one person, any one of those persons may make the application to the Minister for approval on behalf of all of those persons. 1991, c. 48, s. 358; 2001, c. 9, s. 300
Cooperative Credit Associations Act — C-41.01 358.1
Matters for consideration 358.1 If an application for an approval under subsection 354(1) is made, the Minister, in determining whether or not to approve the transaction, shall take into account all matters that the Minister considers relevant to the application, including (a) the nature and sufficiency of the financial resources of the applicant or applicants as a source of continuing financial support for the association; (b) the soundness and feasibility of the plans of the applicant or applicants for the future conduct and development of the business of the association; (c) the business record and experience of the applicant or applicants; (d) the character and integrity of the applicant or applicants or, if the applicant or any of the applicants is a body corporate, its reputation for being operated in a manner that is consistent with the standards of good character and integrity; (e) whether the association will be operated responsibly by persons with the competence and experience suitable for involvement in the operation of a financial institution; (f) the impact of any integration of the businesses and operations of the applicant or applicants with those of the association on the conduct of those businesses and operations; (g) whether the association is to be operated in accordance with cooperative principles; and (h) the best interests of the financial system in Canada and, in particular, the cooperative financial system in Canada. 2001, c. 9, s. 300
Cooperative Credit Associations Act — C-41.01 359
Terms and conditions 359 The Minister may impose any terms and conditions in respect of an approval given under this Part that the Minister considers necessary to ensure compliance with any provision of this Act. 1991, c. 48, s. 359; 2001, c. 9, s. 300
Cooperative Credit Associations Act — C-41.01 360
Certifying receipt of application 360 (1) Where, in the opinion of the Superintendent, an application filed with the Superintendent under subsection 358(1) contains all the required information, the Superintendent shall forthwith refer the application to the Minister and send a receipt to the applicant certifying the date on which the completed application was received by the Superintendent. Incomplete application (2) Where, in the opinion of the Superintendent, an application filed under subsection 358(1) is incomplete, the Superintendent shall send a notice to the applicant specifying the information required by the Superintendent to complete the application.
Cooperative Credit Associations Act — C-41.01 361
Notice of decision to applicant 361 (1) Subject to subsections (2) and (3) and section 362, the Minister shall, within a period of thirty days after the certified date referred to in subsection 360(1), send to the applicant (a) a notice approving the transaction to which the application relates; or (b) if the Minister is not satisfied that the transaction to which the application relates should be approved, a notice to that effect, advising the applicant of the right to make representations to the Minister in respect of the matter. Notice of decision (2) Subject to subsections (4) and 362(2), if an application involves the acquisition of control of an association, the Minister shall, within a period of forty-five days after the certified date referred to in subsection 360(1), send to the applicant (a) a notice approving the transaction to which the application relates; or (b) if the Minister is not satisfied that the transaction to which the application relates should be approved, a notice to that effect, advising the applicant of the right to make representations to the Minister in respect of the matter. Extension of period for notice (3) If the Minister is unable to complete the consideration of an application within the period referred to in subsection (1), the Minister shall (a) within that period, send a notice to that effect to the applicant; and (b) within a further period of thirty days after the date of the sending of the notice referred to in paragraph (a) or within any other further period that may be agreed on by the applicant and the Minister, send a notice referred to in paragraph (1)(a) or (b) to the applicant. Further extensions (4) If the Minister considers it appropriate to do so, the Minister may extend the period referred to in subsection (2) for one or more periods of forty-five days. 1991, c. 48, s. 361; 2001, c. 9, s. 301
Cooperative Credit Associations Act — C-41.01 362
Reasonable opportunity to make representations 362 (1) Where, after receipt of the notice referred to in paragraph 361(1)(b), the applicant advises the Minister that the applicant wishes to make representations, the Minister shall provide the applicant with a reasonable opportunity within a period of thirty days after the date of the notice, or within such further period as may be agreed on by the applicant and the Minister, to make representations in respect of the matter. Reasonable opportunity to make representations (2) If after receipt of the notice referred to in paragraph 361(2)(b) the applicant advises the Minister that the applicant wishes to make representations, the Minister must provide the applicant with a reasonable opportunity within a period of forty-five days after the date of the notice, or within any further period that may be agreed on by the applicant and the Minister, to make representations in respect of the matter. 1991, c. 48, s. 362; 2001, c. 9, s. 302
Cooperative Credit Associations Act — C-41.01 363
Notice of decision 363 (1) Within a period of thirty days after the expiration of the period for making representations referred to in subsection 362(1), the Minister shall, in the light of any such representations and having regard to the matters to be taken into account, send a notice to the applicant indicating whether or not the Minister approves the transaction to which the application relates. Notice of decision (2) Within a period of forty-five days after the expiration of the period for making representations referred to in subsection 362(2), the Minister shall, in the light of any such representations and having regard to the matters to be taken into account, send a notice to the applicant indicating whether or not the Minister approves the transaction to which the application relates. 1991, c. 48, s. 363; 2001, c. 9, s. 303
Cooperative Credit Associations Act — C-41.01 364
Deemed approval 364 If the Minister does not send a notice under subsection 361(1) or (3) or 363(1) within the period provided for in those subsections, the Minister is deemed to have approved the transaction to which the application relates. 1991, c. 48, s. 364; 2001, c. 9, s. 303