jswizzle3737/ontario_laws_and_regs huggingface dataset:
279 (1) The Chief Executive Officer may order a credit union subject to the supervision of the Chief Executive Officer in any of the following circumstances: 1. The credit union asks, in writing, that it be subject to supervision. 2. The credit union is in contravention of section 84. 3. The Chief Executive Officer, on reasonable grounds, believes that the credit union is conducting its affairs in a way that might be expected to harm the interests of members or depositors or that tends to increase the risk of claims by depositors against the Authority. 4. The credit union or an officer or director of it does not file, submit or deliver a report or document required to be filed, submitted or delivered under this Act within the time limited under this Act. 5. The credit union has failed to comply with an order of the Chief Executive Officer. 6.  Repealed: 2019, c. 7, Sched. 16, s. 31 (2). 2007, c. 7, Sched. 7, s. 144; 2019, c. 7, Sched. 16, s. 31, 50. Interpretation (2) For the purposes of paragraph 2 of subsection (1), a variation under section 87 does not bring a credit union into compliance with section 84.  2007, c. 7, Sched. 7, s. 144. Release (3) The credit union remains subject to supervision until, (a) the credit union is being wound up or placed under administration; or (b) the Chief Executive Officer rescinds the order that the credit union be subject to supervision.  2007, c. 7, Sched. 7, s. 144; 2019, c. 7, Sched. 16, s. 50. Same (4) The Chief Executive Officer may rescind an order under clause (3) (b) on the application of the credit union or on the Chief Executive Officer’s own initiative if there are reasonable grounds for believing that the credit union is no longer in need of supervision.  2007, c. 7, Sched. 7, s. 144; 2019, c. 7, Sched. 16, s. 50, 51. Procedural rules (5) Section 240.1 applies with respect to an order under this section.  2007, c. 7, Sched. 7, s. 144. Appeal to Tribunal (6) The credit union that is subject to an order under this section may appeal the order to the Tribunal in accordance with section 240.4.  2007, c. 7, Sched. 7, s. 144. Exception, if order at credit union’s request (7) Subsections (5) and (6) do not apply if the order is made after the credit union asks, in writing, that it be subject to supervision as described in paragraph 1 of subsection (1).  2007, c. 7, Sched. 7, s. 144. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 144 - 01/10/2009 2018, c. 8, Sched. 7, s. 5 - 08/06/2019; 2018, c. 17, Sched. 11, s. 15, 16 - no effect - see 2019, c. 7, Sched. 16, s. 54 - 29/05/2019 2019, c. 7, Sched. 16, s. 31 (1, 2), 50, 51 - 08/06/2019
280 (1) If a credit union is subject to the supervision of the Chief Executive Officer, the Chief Executive Officer may, (a) order the credit union to correct any practices that the Chief Executive Officer feels are contributing to the problem or situation that caused the credit union to be ordered subject to its supervision; (b) order the credit union and its directors, committee members, officers and employees to not exercise any powers of the credit union or of its directors, committee members, officers and employees; (c) establish guidelines for the operation of the credit union; (d) order the credit union not to declare or pay a dividend or to restrict the amount of a dividend to be paid to a rate or amount set by the Chief Executive Officer; (e) attend meetings of the credit union’s board and its audit committee; and (f) propose by-laws for the credit union and amendments to its articles of incorporation.  2007, c. 7, Sched. 7, s. 144; 2019, c. 7, Sched. 16, s. 50. Approval of by-laws, etc. (2) No by-law, policy or resolution relating to the business, affairs or management of a credit union passed or made by the board during the time the credit union is subject to supervision is of any effect until approved in writing by the Chief Executive Officer.  2007, c. 7, Sched. 7, s. 144; 2019, c. 7, Sched. 16, s. 50. Enforcement (3) If a credit union fails to comply with an order of the Chief Executive Officer under this section, the Chief Executive Officer may apply to the court for, (a) an order directing compliance with the Chief Executive Officer’s order; or (b) such other order as the court considers appropriate.  2007, c. 7, Sched. 7, s. 144; 2019, c. 7, Sched. 16, s. 50, 51. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 144 - 01/10/2009 2018, c. 17, Sched. 11, s. 15, 16 - no effect - see 2019, c. 7, Sched. 16, s. 54 - 29/05/2019 2019, c. 7, Sched. 16, s. 50, 51 - 08/06/2019
281 The Chief Executive Officer may require a credit union to pay the expenses of and disbursements by the Chief Executive Officer in supervising the credit union.  2007, c. 7, Sched. 7, s. 144; 2019, c. 7, Sched. 16, s. 50. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 144 - 01/10/2009 2018, c. 17, Sched. 11, s. 15 - no effect - see 2019, c. 7, Sched. 16, s. 54 - 29/05/2019 2019, c. 7, Sched. 16, s. 50 - 08/06/2019 282 Repealed:  2007, c. 7, Sched. 7, s. 144. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 144 - 01/10/2009 283 Repealed:  2007, c. 7, Sched. 7, s. 144. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53, 58 (1-4) - 01/07/1998 2007, c. 7, Sched. 7, s. 144 - 01/10/2009 284 Repealed:  2007, c. 7, Sched. 7, s. 144. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 144 - 01/10/2009 285 Repealed:  2007, c. 7, Sched. 7, s. 144. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 144 - 01/10/2009 286 Repealed:  2007, c. 7, Sched. 7, s. 144. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 59 (1-4), 60, 61 - 01/07/1998 2007, c. 7, Sched. 7, s. 144 - 01/10/2009 287 Repealed:  2007, c. 7, Sched. 7, s. 144. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 144 - 01/10/2009 288 Repealed:  2007, c. 7, Sched. 7, s. 144. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2002, c. 18, Sched. H, s. 3 (10) - 26/11/2002 2007, c. 7, Sched. 7, s. 144 - 01/10/2009 289 Repealed:  2007, c. 7, Sched. 7, s. 144. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 144 - 01/10/2009 290 Repealed:  2007, c. 7, Sched. 7, s. 144. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 144 - 01/10/2009 291 Repealed:  2007, c. 7, Sched. 7, s. 144. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 144 - 01/10/2009 292 Repealed:  2007, c. 7, Sched. 7, s. 144. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53, 60, 61 - 01/07/1998 2002, c. 18, Sched. H, s. 3 (10) - 26/11/2002 2007, c. 7, Sched. 7, s. 144 - 01/10/2009 293 Repealed:  2007, c. 7, Sched. 7, s. 144. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 144 - 01/10/2009 Administration
294 (1) The Chief Executive Officer may order a credit union subject to administration by the Chief Executive Officer in any of the following circumstances: 1. The Chief Executive Officer, on reasonable grounds, believes that the credit union is conducting its affairs in a way that might be expected to harm the interests of members, depositors or shareholders or that tends to increase the risk of claims by depositors against the Chief Executive Officer, but that supervision would, in the circumstances, not be appropriate. 2. The credit union has failed to comply with an order of the Chief Executive Officer made while the credit union was subject to the supervision of the Chief Executive Officer. 3. The Chief Executive Officer is of the opinion that the assets of the credit union are not sufficient to give adequate protection to its depositors. 4. The credit union has failed to pay any liability that is due or, in the opinion of the Chief Executive Officer, will not be able to pay its liabilities as they become due. 5. After a general meeting and any adjournment of no more than two weeks, the members of the credit union have failed to elect the minimum number of directors required under subsection 93 (2). 6. If a vacancy occurs in the board of the credit union resulting in there not being a quorum of directors in office and a general meeting is not called promptly as required under subsection 97 (2). 7. The Chief Executive Officer has made an order under section 240.  2007, c. 7, Sched. 7, s. 145; 2018, c. 8, Sched. 7, s. 5; 2019, c. 7, Sched. 16, s. 50. Procedural rules (2) Section 240.1 applies with respect to an order under this section.  2007, c. 7, Sched. 7, s. 145. Appeal to court (3) The credit union that is subject to an order under this section may appeal the order to the court, within seven days after receiving the order, upon a question of law only.  2007, c. 7, Sched. 7, s. 145. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 61 - 01/07/1998 2007, c. 7, Sched. 7, s. 145 - 01/10/2009 2018, c. 8, Sched. 7, s. 5 - 08/06/2019; 2018, c. 17, Sched. 11, s. 15 - no effect - see 2019, c. 7, Sched. 16, s. 54 - 29/05/2019 2019, c. 7, Sched. 16, s. 50 - 08/06/2019
295 (1) As an administrator, the Chief Executive Officer may exercise the following powers: 1. Carry on, manage and conduct the operations of a credit union. 2. Preserve, maintain, realize, dispose of and add to the property of a credit union. 3. Receive the income and revenues of the credit union. 4. Exercise the powers of the credit union and of the directors, officers and committees. 5. Exclude the directors of the credit union and its officers, committee members, employees and agents from the property and business of the credit union. 6. Require the credit union to, i. amalgamate, by requiring the credit union to enter into an amalgamation agreement under section 310, ii. dispose of its assets and liabilities, or iii. be wound up.  1994, c. 11, s. 295 (1); 2007, c. 7, Sched. 7, s. 146; 2019, c. 7, Sched. 16, s. 50. Same (2) In exercising its powers under paragraph 6 of subsection (1), the administrator does not require the consent of the members or shareholders of a credit union.  1994, c. 11, s. 295 (2). Same (3) If the administrator causes a credit union to be wound up, the wind-up shall proceed as a voluntary wind-up under section 298.  1994, c. 11, s. 295 (3). Release from administration (4) The Chief Executive Officer may release a credit union from administration on such conditions as the Chief Executive Officer may impose.  1994, c. 11, s. 295 (4); 2019, c. 7, Sched. 16, s. 50. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 146 (1, 2) - 01/10/2009 2018, c. 17, Sched. 11, s. 15 - no effect - see 2019, c. 7, Sched. 16, s. 54 - 29/05/2019 2019, c. 7, Sched. 16, s. 50 - 08/06/2019
295.1 The Chief Executive Officer may require a credit union to pay the expenses of and disbursements by the Chief Executive Officer in administering the credit union.  2007, c. 7, Sched. 7, s. 147; 2019, c. 7, Sched. 16, s. 50. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 147 - 01/10/2009 2018, c. 17, Sched. 11, s. 15 - no effect - see 2019, c. 7, Sched. 16, s. 54 - 29/05/2019 2019, c. 7, Sched. 16, s. 50 - 08/06/2019 PART XV   DISSOLUTION, AMALGAMATION, Other Fundamental changes
296 In this Part, “contributory” means a person who is liable to contribute to the property of a credit union in the event of the credit union being wound up under this Act.  1994, c. 11, s. 296. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 148 - 01/10/2009 Dissolution
297 (1) A credit union that has no assets and no liabilities may, if authorized by a special resolution of the members, apply to the Chief Executive Officer for an order dissolving the credit union.  1994, c. 11, s. 297 (1); 1997, c. 28, s. 53; 2018, c. 8, Sched. 7, s. 5. Same (2) The Chief Executive Officer, if he or she receives an application under subsection (1) and is satisfied that a dissolution of the credit union is appropriate, may issue an order dissolving the credit union.  1994, c. 11, s. 297 (2); 1997, c. 28, s. 53; 2018, c. 8, Sched. 7, s. 5. Same (3) A credit union in respect of which an order is issued under subsection (2) ceases to exist on the day stated in the order.  1994, c. 11, s. 297 (3). Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 149 - 01/10/2009 2018, c. 8, Sched. 7, s. 5 - 08/06/2019
301 (1) The Chief Executive Officer may, by order, dissolve a credit union if he or she is satisfied that, (a) its incorporation was obtained by fraud or mistake; (b) it exists for an illegal purpose; (c) the number of its members is reduced to fewer than 20; (d) it is not carrying on business or is not in operation; or (e) it has contravened this Act or the regulations.  2007, c. 7, Sched. 7, s. 153; 2018, c. 8, Sched. 7, s. 5. Procedural rules (2) Section 240.1 applies with respect to an order under this section.  2007, c. 7, Sched. 7, s. 153. Appeal to Tribunal (3) The credit union that is subject to an order under this section may appeal the order to the Tribunal in accordance with section 240.4.  2007, c. 7, Sched. 7, s. 153. Appointment of liquidator (4) If necessary, the Chief Executive Officer shall appoint a liquidator to carry out the dissolution.  2007, c. 7, Sched. 7, s. 153; 2018, c. 8, Sched. 7, s. 5. Liquidation (5) The liquidator, if one is appointed, shall proceed to wind up the credit union and subsections 298 (9) to (22) and 299 (1) apply, except that no approval of the members of the credit union is required.  2007, c. 7, Sched. 7, s. 153. Publishing order (6) The Chief Executive Officer shall publish notice of the dissolution in The Ontario Gazette.  2007, c. 7, Sched. 7, s. 153; 2018, c. 8, Sched. 7, s. 5. Modification with respect to leagues (7) For the purposes of the application of clause (1) (c) to a league under section 243, the reference to “20” in clause (1) (c) shall be deemed to be a reference to “10”.  2007, c. 7, Sched. 7, s. 153. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 153 - 01/10/2009 2018, c. 8, Sched. 7, s. 5 - 08/06/2019
302 (1) Despite the dissolution of a credit union, each of the members or shareholders among whom its property has been distributed other than the refunds of deposits, remains liable to its creditors to the extent of the amount received by the member or shareholder upon the distribution, and an action in a court of competent jurisdiction to enforce such liability may be brought against the member or shareholder.  1994, c. 11, s. 302 (1); 2002, c. 24, Sched. B, s. 32. Action against one member or shareholder as representing a class (2) If there are several members or classes of shareholders, the court may permit an action to be brought against one or more members or one or more shareholders of each class of shareholders as representatives of the class of members or shareholders and, if the plaintiff establishes the plaintiff’s claim as creditor, may make an order of reference and add as parties in the referee’s office all such members or shareholders of each class of shareholders as are found, and the referee shall determine the amount that each should contribute towards the plaintiff’s claim and may direct payment of the sums so determined.  1994, c. 11, s. 302 (2). Section Amendments with date in force (d/m/y) 2002, c. 24, Sched. B, s. 32 - 01/01/2004
303 Subject to section 302, any real or personal property of a credit union that has not been disposed of at the date of its dissolution is forfeit to the Crown in right of Ontario.  1994, c. 11, s. 303.
304 Upon a winding-up of a credit union, (a) the liquidator shall apply the property of the credit union in satisfaction of all its debts, obligations and liabilities, and, subject thereto, shall distribute any remaining property rateably among the members or shareholders according to their rights and interests in the credit union; (b) in distributing the property of the credit union, debts due to the employees of the credit union for services performed due at the commencement of the winding-up or within one month before, not exceeding three months wages and accumulated sickness benefits or vacation pay accrued for not more than twelve months, shall be paid in priority to the claims of the ordinary creditors, and such persons shall rank as ordinary creditors for any additional amount of their claims for wages; (c) all the powers of the board of a credit union being wound up cease upon the appointment of a liquidator except to the extent that the liquidator may permit the continuance of these powers for the purpose of assisting the winding-up proceedings.  1994, c. 11, s. 304.
305 Section 53 of the Trustee Act applies with necessary modifications to liquidators.  1994, c. 11, s. 305.
306 The costs, charges and expenses of the winding-up including the remuneration of the liquidator are payable out of the property of the credit union in priority to all other claims.  1994, c. 11, s. 306.
308 If proceedings are taken under the Winding-up and Restructuring Act (Canada) in respect of a credit union, the secretary of the credit union shall send notice of the proceedings to the Chief Executive Officer by registered mail.  2007, c. 7, Sched. 7, s. 155; 2018, c. 8, Sched. 7, s. 5. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 155 - 01/10/2009 2018, c. 8, Sched. 7, s. 5 - 08/06/2019
308.1 (1) If a credit union is dissolved without discharging a security interest given to the credit union, the Chief Executive Officer may discharge that security interest or do anything else, in relation to that security interest, that the credit union could have done had it not been dissolved.  2007, c. 7, Sched. 7, s. 155; 2019, c. 7, Sched. 16, s. 50. Clarification with respect to real property (2) For greater certainty, and without limiting what other security interests subsection (1) applies to, subsection (1) applies to liens, charges and mortgages or any other security interest in real property.  2007, c. 7, Sched. 7, s. 155. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 155 - 01/10/2009 2018, c. 17, Sched. 11, s. 15 - no effect - see 2019, c. 7, Sched. 16, s. 54 - 29/05/2019 2019, c. 7, Sched. 16, s. 50 - 08/06/2019 Amalgamations
310 (1) If a credit union is under the administration of the Chief Executive Officer, the Chief Executive Officer may require the credit union to enter into an amalgamation agreement or do anything else under section 309.  2007, c. 7, Sched. 7, s. 157; 2019, c. 7, Sched. 16, s. 50. Application of s. 309 (2) If the Chief Executive Officer requires a credit union under the administration of the Chief Executive Officer to enter into an amalgamation agreement under section 309, the following apply with respect to the application of section 309: 1. The adoption, under subsection 309 (4), of the amalgamation agreement by the members and shareholders of the credit union under administration is not required. 2. The Chief Executive Officer shall not issue a certificate of amalgamation under subsection 309 (8.1) unless the amalgamation would, i. protect the interests of the depositors or members of the credit unions being amalgamated, and ii. promote the financial security and integrity of the amalgamated credit union.  2007, c. 7, Sched. 7, s. 157; 2019, c. 7, Sched. 16, s. 34, 50. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 157 - 01/10/2009 2018, c. 8, Sched. 7, s. 5 - 08/06/2019; 2018, c. 17, Sched. 11, s. 15 - no effect - see 2019, c. 7, Sched. 16, s. 54 - 29/05/2019 2019, c. 7, Sched. 16, s. 34, 50 - 08/06/2019 Reorganization
311 (1) A credit union may from time to time amend its articles of incorporation to, (a) limit its business or powers or otherwise vary its business or powers; (b) change its corporate name; or (c) add, change or remove any provision that, (i) is authorized by this Act to be set out in the articles, or (ii) could be subject to a by-law of the credit union.  1994, c. 11, s. 311 (1); 2007, c. 7, Sched. 7, s. 158. Authorization (2) An amendment under subsection (1) must be authorized by special resolution of members and such further authorization as the by-laws provide.  1994, c. 11, s. 311 (2). Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 158 - 01/10/2009
312 (1) The holders of shares of a class or of a series are entitled to vote separately as a class or series on a proposal to amend the articles to, (a) increase or decrease any maximum number of authorized shares of that class, or increase any maximum number of authorized shares of a class having rights or privileges equal or superior to the shares of that class; (b) effect an exchange, reclassification or cancellation of all or part of the shares of that class; (c) add, change or remove the rights, privileges, restrictions or conditions attached to the shares of that class and, without limiting the generality of the foregoing, (i) prejudicially remove or change rights to accrued dividends or rights to cumulative dividends, (ii) prejudicially add, remove, or change redemption rights, (iii) reduce or remove a dividend preference or a liquidation preference, or (iv) prejudicially add, remove or change conversion privileges, options, voting, transfer or pre-emptive rights, or rights to acquire securities of the credit union; (d) increase the rights or privileges of any class of shares having rights or privileges equal or superior to the shares of that class; (e) create a new class of shares equal or superior to the shares of that class; (f) make any class of shares having rights or privileges inferior to the shares of that class equal or superior to the shares of that class; or (g) effect an exchange or create a right of exchange of all or part of the shares of another class into the shares of that class.  1994, c. 11, s. 312 (1). Exception (2) Subsection (1) does not apply to membership shares.  2007, c. 7, Sched. 7, s. 159. Same (3) Subsection (1) does not apply in the case of amendments to the articles referred to in clause (1) (a), (b) or (e) if the articles so provide.  1994, c. 11, s. 312 (3). Right limited (4) Subject to subsection (3), the holders of a series of shares of a class are entitled to vote separately as a series under subsection (1) if that series is affected by an addition or amendment to the articles in a manner different from other shares of the same class.  1994, c. 11, s. 312 (4). Right to vote (5) Subsections (1) and (4) apply whether or not the shares of a class otherwise carry the right to vote.  1994, c. 11, s. 312 (5). Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 159 - 01/10/2009
313 The credit union must deliver to the Chief Executive Officer, within 60 days after the special resolution has been confirmed by its members and affected shareholders, articles of amendment in duplicate, signed by two officers, or by one director and one officer, of the credit union and verified by affidavit of one of the officers or directors signing the articles of amendment, setting out, (a) the corporate name of the credit union; (b) a certified copy of the special resolution; (c) that the amendment has been duly confirmed and authorized; and (d) the date of the confirmation of the special resolution by the members and affected shareholders.  1994, c. 11, s. 313; 1997, c. 28, s. 53; 2007, c. 7, Sched. 7, s. 160; 2018, c. 8, Sched. 7, s. 5. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 160 (1, 2) - 01/10/2009 2018, c. 8, Sched. 7, s. 5 - 08/06/2019
314 (1) If the articles of amendment conform to law, the Chief Executive Officer shall, when all fees established by Authority rule have been paid, (a) endorse on each duplicate of the articles of amendment the word “Filed/Déposé” and the day, month and year of the filing thereof; (b) file one of the duplicates in the Chief Executive Officer’s office; and (c) issue to the credit union or its agent a certificate of amendment to which the Chief Executive Officer shall affix the other duplicate.  1994, c. 11, s. 314 (1); 1997, c. 19, s. 5 (5); 1997, c. 28, s. 53; 2018, c. 8, Sched. 7, s. 5, 6; 2019, c. 7, Sched. 16, s. 35. Effect of certificate (2) The amendment becomes effective upon the date set out in the certificate of amendment and the articles of incorporation are amended accordingly.  1994, c. 11, s. 314 (2). Section Amendments with date in force (d/m/y) 1997, c. 19, s. 5 (5) - 10/10/1997; 1997, c. 28, s. 53 - 01/07/1998 2018, c. 8, Sched. 7, s. 5, 6 - 08/06/2019 2019, c. 7, Sched. 16, s. 35 - 08/06/2019
315 (1) Subject to subsections (2) and (3), a credit union may at any time restate its amended articles of incorporation.  1994, c. 11, s. 315 (1). Filing of restatement (2) The credit union shall deliver to the Chief Executive Officer the restated articles in duplicate, signed by two officers, or by one director and one officer, of the credit union and verified by affidavit of one of the officers or directors signing the restated articles, setting out, (a) all the provisions that are then set out in the original articles of incorporation as amended; and (b) a statement that the restated articles correctly set out, without change, the corresponding provisions of the original articles as amended.  1994, c. 11, s. 315 (2); 1997, c. 28, s. 53; 2018, c. 8, Sched. 7, s. 5. Certificate of restatement (3) If the restated articles of incorporation conform to law, the Chief Executive Officer shall, when all fees established by Authority rule have been paid, (a) endorse on each duplicate of the restated articles the word “Filed/Déposé” and the day, month and year of the filing thereof; (b) file one of the duplicates in the Chief Executive Officer’s office; and (c) issue to the credit union or its agent a restated certificate of incorporation to which the Chief Executive Officer shall affix the other duplicate.  1994, c. 11, s. 315 (3); 1997, c. 19, s. 5 (5); 1997, c. 28, s. 53; 2018, c. 8, Sched. 7, s. 5, 6; 2019, c. 7, Sched. 16, s. 36. Effect of certificate (4) The restated articles of incorporation become effective upon the date set out in the restated certificate and supersede the original articles of incorporation and all amendments to them.  1994, c. 11, s. 315 (4). Section Amendments with date in force (d/m/y) 1997, c. 19, s. 5 (5) - 10/10/1997; 1997, c. 28, s. 53 - 01/07/1998 2018, c. 8, Sched. 7, s. 5, 6 - 08/06/2019 2019, c. 7, Sched. 16, s. 36 - 08/06/2019 Continuing as or Ceasing to be an Ontario Credit Union
316.1 (1) A credit union may, if it has been issued a certificate of approval of continuance under this section, apply to the appropriate official or public body of another jurisdiction in Canada requesting that the credit union be continued as if it had been incorporated under the laws of that other jurisdiction.  2007, c. 7, Sched. 7, s. 161. Application for certificate of approval (2) A credit union may apply to the Chief Executive Officer for a certificate of approval of continuance.  2007, c. 7, Sched. 7, s. 161; 2018, c. 8, Sched. 7, s. 5. Authorization (3) An application must be authorized by a special resolution of the members of the credit union.  2007, c. 7, Sched. 7, s. 161. If more than one class of shares (4) If the credit union has more than one class of issued shares, the special resolution referred to in subsection (3) shall be in the form of a special resolution passed by the holders of each class of shares.  2007, c. 7, Sched. 7, s. 161. Issue of certificate of approval (5) The Chief Executive Officer may, subject to any prescribed conditions, issue a certificate of approval of continuance if the Chief Executive Officer is satisfied as to the following: 1. If the credit union is to be continued as a deposit-taking institution, the deposits held by the institution will be insured or guaranteed by the Authority or similar entity for the jurisdiction under whose laws the credit union is to be continued. 2. If the credit union is to be continued as a body corporate other than a deposit-taking institution, the body corporate will not hold any deposits when it is continued.  2007, c. 7, Sched. 7, s. 161; 2018, c. 17, Sched. 11, s. 13; 2018, c. 8, Sched. 7, s. 5. Copy of certificate to other jurisdiction (6) The Chief Executive Officer shall send a copy of the certificate of approval of continuance to the appropriate official or public body for the jurisdiction under whose laws the credit union is to be continued.  2007, c. 7, Sched. 7, s. 161; 2018, c. 8, Sched. 7, s. 5. Effect of continuation in other jurisdiction (7) When a credit union is continued under the laws of another jurisdiction following the issue of a certificate of approval of continuance, the credit union ceases to be a credit union for the purposes of this Act.  2007, c. 7, Sched. 7, s. 161. Filing and notice (8) A credit union that is continued under the laws of another jurisdiction shall file a copy of the instrument of continuance with the Chief Executive Officer and the Chief Executive Officer shall publish notice of the continuation in The Ontario Gazette.  2007, c. 7, Sched. 7, s. 161; 2018, c. 8, Sched. 7, s. 5. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 161 - 01/10/2009 2018, c. 8, Sched. 7, s. 5 - 08/06/2019; 2018, c. 17, Sched. 11, s. 13 - 08/06/2019
316.2 (1) A credit union may, if it has been issued a certificate of approval of continuance under this section, apply under another Ontario Act to be continued as if it had been incorporated under that other Act.  2007, c. 7, Sched. 7, s. 161. Application for certificate of approval (2) A credit union may apply to the Chief Executive Officer for a certificate of approval of continuance.  2007, c. 7, Sched. 7, s. 161; 2018, c. 8, Sched. 7, s. 5. Authorization (3) An application must be authorized by a special resolution of the members of the credit union.  2007, c. 7, Sched. 7, s. 161. If more than one class of shares (4) If the credit union has more than one class of issued shares, the special resolution referred to in subsection (3) shall be in the form of a special resolution passed by the holders of each class of shares.  2007, c. 7, Sched. 7, s. 161. Issue of certificate of approval (5) The Chief Executive Officer may, subject to any prescribed conditions, issue a certificate of approval of continuance if the Chief Executive Officer is satisfied that the credit union, when it is continued under the other Ontario Act, will not hold any deposits.  2007, c. 7, Sched. 7, s. 161; 2018, c. 8, Sched. 7, s. 5. Copy of certificate to other official (6) The Chief Executive Officer shall send a copy of the certificate of approval of continuance to the appropriate official or public body under the other Ontario Act.  2007, c. 7, Sched. 7, s. 161; 2018, c. 8, Sched. 7, s. 5. Effect of continuation under other Act (7) When a credit union is continued under another Ontario Act following the issue of a certificate of approval of continuance, the credit union ceases to be a credit union for the purposes of this Act.  2007, c. 7, Sched. 7, s. 161. Filing and notice (8) A credit union that is continued under another Ontario Act shall file a copy of the instrument of continuance with the Chief Executive Officer and the Chief Executive Officer shall publish notice of the continuation in The Ontario Gazette.  2007, c. 7, Sched. 7, s. 161; 2018, c. 8, Sched. 7, s. 5. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 161 - 01/10/2009 2018, c. 8, Sched. 7, s. 5 - 08/06/2019 PART XVI   Regulations, rules, forms and fees Regulations
318 The Lieutenant Governor in Council may make regulations, (a)  Repealed:  1997, c. 19, s. 5 (7). (b) specifying the financial statements, reports and other documents that are to be included with an offering statement; (c) respecting the disclosure of material facts in relation to securities to be distributed; (d) respecting the distribution of an offering statement; (e) exempting any class of distributions from the application of sections 75 to 82; (f) generally, for carrying out the purposes of sections 74.1 to 82.  1994, c. 11, s. 318; 1997, c. 19, s. 5 (7); 2007, c. 7, Sched. 7, s. 164. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 5 (7) - 10/10/1997 2007, c. 7, Sched. 7, s. 164 - 01/10/2009
319 The Lieutenant Governor in Council may make regulations, (a) regulating the maintenance, by credit unions, of adequate capital and adequate and appropriate forms of liquidity and governing agreements under subsection 84 (3); (b) respecting regulatory capital and the total assets of a credit union; (c) prescribing phase-in periods for capital adequacy requirements based on a graduated scale; (d) adopting by reference any code, standard or guideline in respect of capital adequacy requirements; (e) requiring compliance with any regulation, administrative directive, or prescribed requirement, code, standard or guideline.  1994, c. 11, s. 319; 1997, c. 19, s. 5 (7); 2007, c. 7, Sched. 7, s. 165. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 5 (7) - 10/10/1997 2007, c. 7, Sched. 7, s. 165 - 01/10/2009
320 (1) The Lieutenant Governor in Council may make regulations prescribing how annual premiums are to be determined under paragraph 1 of subsection 276.1 (1).  2007, c. 7, Sched. 7, s. 166. Same (2) A regulation under subsection (1) may prescribe different annual premiums for different credit unions or classes of credit unions.  2007, c. 7, Sched. 7, s. 166. Limitation (3) For the purposes of subsection (2), prescribed classes of credit unions shall be based in part on measurable criteria which relate to the risk posed by the credit union and may be based in part on other factors so long as they are not based on membership in a league.  2007, c. 7, Sched. 7, s. 166. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 166 - 01/10/2009
321 The Lieutenant Governor in Council may make regulations prescribing the powers and duties of audit committees.  2007, c. 7, Sched. 7, s. 166. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 166 - 01/10/2009
321.0.1 (1) The Lieutenant Governor in Council may make regulations governing the administrative penalties that may be imposed under section 331.2.  2007, c. 7, Sched. 7, s. 166; 2019, c. 7, Sched. 16, s. 39 (1). Same (2) Without limiting the generality of subsection (1), a regulation governing administrative penalties may, (a) prescribe criteria the Chief Executive Officer is required or permitted to consider when imposing a penalty under section 331.2; (b) authorize the Chief Executive Officer to determine the amount of a penalty, if the amount of the penalty is not prescribed, and prescribe criteria the Chief Executive Officer is required or permitted to consider when determining the amount of the penalty; (c) establish different penalties or ranges of penalties for different types of contraventions and for different classes of persons and entities; (d) authorize a penalty to be imposed for each day or part of a day on which a contravention continues; (e) authorize higher penalties for a second or subsequent contravention by a person or entity; (f) require that the penalty be paid before a specified deadline or before a deadline specified by the Chief Executive Officer; (g) authorize the imposition of late payment fees respecting penalties that are not paid before the deadline, including graduated late payment fees; (h) establish a maximum cumulative penalty payable in respect of a contravention or in respect of contraventions during a specified period.  2007, c. 7, Sched. 7, s. 166; 2019, c. 7, Sched. 16, s. 39 (2, 3). Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 166 - 01/10/2009 2018, c. 8, Sched. 7, s. 5 - no effect - see 2019, c. 7, Sched. 16, s. 39 (2) - 08/06/2019; 2018, c. 17, Sched. 11, s. 15 - no effect - see 2019, c. 7, Sched. 16, s. 54 - 29/05/2019 2019, c. 7, Sched. 16, s. 39 (1-3) - 08/06/2019
321.0.2 (1) The Lieutenant Governor in Council may make regulations providing for any transitional matters the Lieutenant Governor in Council considers necessary or advisable in connection with the implementation of the amendments to this Act in Schedule 7 to the Budget Measures and Interim Appropriation Act, 2007.  2007, c. 7, Sched. 7, s. 166. Transitional regulations (2) A regulation under subsection (1) may provide that it applies despite this Act.  2007, c. 7, Sched. 7, s. 166. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 166 - 01/10/2009
321.0.3 (1) The Lieutenant Governor in Council may make regulations, (a)  Repealed: 2020, c. 36, Sched. 14, s. 6 (2). (b) deeming references in the regulations to the Superintendent to be references to the Authority or the Chief Executive Officer; (c) governing transitional matters that may arise due to the deeming of references described in clause (b). 2018, c. 8, Sched. 7, s. 4; 2020, c. 36, Sched. 14, s. 6 (2). Same (2) A regulation made under subsection (1) is subject to such conditions, limitations and restrictions as may be prescribed. 2018, c. 8, Sched. 7, s. 4. Conflicts (3) If there is a conflict between a regulation made under subsection (1) and any Act or any other regulation, the regulation made under subsection (1) prevails, unless the Act or other regulation specifies that it prevails. 2018, c. 8, Sched. 7, s. 4. Definition of Superintendent (4) In this section, “Superintendent” means the former position of Superintendent of Financial Services under the repealed Financial Services Commission of Ontario Act, 1997. 2020, c. 36, Sched. 14, s. 6 (3). Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 7, s. 4 - 08/06/2019 2020, c. 36, Sched. 14, s. 6 (2, 3) - 08/12/2020
321.0.4 (1) The Authority may make rules in respect of the following matters: 1. Authorizing, controlling and requiring the use by credit unions of marks, signs, advertisements or devices indicating that deposits with credit unions are insured by the Authority. 2. Establishing standards of sound business and financial practices for credit unions. 3. Governing, for the purposes of section 90, the monthly provision for doubtful loans and the establishment of reserves. 2019, c. 7, Sched. 16, s. 40. Legislation Act, 2006 (2) Part III (Regulations) of the Legislation Act, 2006 does not apply to the Authority rules. 2019, c. 7, Sched. 16, s. 40. Regulation prevails (3) If there is a conflict or an inconsistency between a regulation made by the Lieutenant Governor in Council under this Act and an Authority rule, the regulation prevails, but in all other respects an Authority rule has the same force and effect as a regulation. 2019, c. 7, Sched. 16, s. 40. Transition, DICO-FSRA amalgamation (4) On the day section 27 of Schedule 16 to the Protecting What Matters Most Act (Budget Measures), 2019
comes into force, the by-laws made under section 264 of this Act, as it read immediately before that day, that govern the matters set out in paragraphs 1 and 2 of subsection (1) of this section are deemed to be Authority by-laws made in accordance with the requirements of the Financial Services Regulatory Authority of Ontario Act, 2016. 2019, c. 7, Sched. 16, s. 40. Same (5) On the day section 7 of Schedule 16 to the Protecting What Matters Most Act (Budget Measures), 2019
comes into force, the by-laws described in section 24 of Ontario Regulation 237/09 (General), as it read immediately before that day, that govern the matters set out in paragraph 3 of subsection (1) of this section are deemed to be Authority by-laws made in accordance with the requirements of the Financial Services Regulatory Authority of Ontario Act, 2016. 2019, c. 7, Sched. 16, s. 40. Same, termination of by-laws (6) The Authority may terminate the by-laws described in subsections (4) and (5) at the time and in the manner the Authority considers appropriate. 2019, c. 7, Sched. 16, s. 40. Rule prevails (7) If there is a conflict or an inconsistency between a rule made by the Authority under this Act and a by-law described in subsection (4) or (5), the rule prevails. 2019, c. 7, Sched. 16, s. 40. Section Amendments with date in force (d/m/y) 2019, c. 7, Sched. 16, s. 40 - 08/06/2019 Approval of Forms, etc.
321.1 The Chief Executive Officer may approve the use of forms, specify the procedure for the use of the forms, and require their use for any purpose of this Act, and the forms may provide for such information to be furnished as the Chief Executive Officer may require.  1997, c. 19, s. 5 (8); 1999, c. 12, Sched. I, s. 2 (10); 2018, c. 8, Sched. 7, s. 5. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 5 (8) - 10/10/1997; 1999, c. 12, Sched. I, s. 2 (10) - 22/12/1999 2007, c. 7, Sched. 7, s. 167 - 01/10/2009 2018, c. 8, Sched. 7, s. 5 - 08/06/2019
321.2 The Chief Executive Officer may approve the form and contents of any report required to be prepared under this Act or the regulations and the manner of reporting.  1997, c. 19, s. 5 (8); 1999, c. 12, Sched. I, s. 2 (10); 2018, c. 8, Sched. 7, s. 5. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 5 (8) - 10/10/1997; 1999, c. 12, Sched. I, s. 2 (10) - 22/12/1999 2018, c. 8, Sched. 7, s. 5 - 08/06/2019
321.3 The Chief Executive Officer may approve the form and content of information circulars and proxies.  1997, c. 19, s. 5 (8); 1999, c. 12, Sched. I, s. 2 (10); 2018, c. 8, Sched. 7, s. 5. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 5 (8) - 10/10/1997; 1999, c. 12, Sched. I, s. 2 (10) - 22/12/1999 2018, c. 8, Sched. 7, s. 5 - 08/06/2019
321.4 The Chief Executive Officer may approve the form and content of an offering statement or a statement of material changes.  1997, c. 19, s. 5 (8); 1999, c. 12, Sched. I, s. 2 (10); 2018, c. 8, Sched. 7, s. 5. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 5 (8) - 10/10/1997; 1999, c. 12, Sched. I, s. 2 (10) - 22/12/1999 2018, c. 8, Sched. 7, s. 5 - 08/06/2019 321.5 Repealed:  2007, c. 7, Sched. 7, s. 168. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 5 (8) - 10/10/1997; 1999, c. 12, Sched. I, s. 2 (10) - 22/12/1999 2007, c. 7, Sched. 7, s. 168 - 01/10/2009 Establishment of Fees
321.6 The Minister may establish and charge fees for anything required or permitted to be done by this Act or the regulations.  1997, c. 19, s. 5 (8). Note: On a day to be named by proclamation of the Lieutenant Governor, the heading before section 321.6 and section 321.6 of the Act are repealed and the following substituted: (See: 2015, c. 20, Sched. 8, s. 4) Fees Fees 321.6 The Minister may make regulations governing fees under this Act, including, (a) requiring the payment of fees in relation to any matter under this Act, including any services provided by or through the Ministry of Finance or the Financial Services Commission of Ontario; Note: On the day section 4 of Schedule 8 to the Building Ontario Up Act (Budget Measures), 2015
comes into force, clause 321.6 (a) of the Act is amended by striking out “or the Financial Services Commission of Ontario”. (See: 2020, c. 36, Sched. 14, s. 6 (4)) (b) prescribing the amount of fees or the manner of determining fees; (c) prescribing the manner in which and the period within which fees must be paid. 2015, c. 20, Sched. 8, s. 4. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 5 (8) - 10/10/1997 2007, c. 7, Sched. 7, s. 169 - 01/10/2009 2015, c. 20, Sched. 8, s. 4 - not in force 2020, c. 36, Sched. 14, s. 6 (4) - not in force PART XVII   Offences and Administrative Penalties Offences
322 (1) Every person who contravenes any provision of this Act or the regulations or an order of the Chief Executive Officer is guilty of an offence.  2007, c. 7, Sched. 7, s. 171; 2019, c. 7, Sched. 16, s. 41. Officers, agents, etc. (2) If an entity commits an offence under this Act, every director, officer or agent of the entity who authorized, permitted or acquiesced in the offence is a party to and guilty of the offence and is liable, on summary conviction, to the penalty for the offence whether or not the entity has been prosecuted or convicted.  1994, c. 11, s. 322 (2). Penalty (3) A person who is guilty of an offence referred to in this section is liable, (a) in the case of an entity, on a first conviction to a fine of not more than $100,000 and on each subsequent conviction to a fine of not more than $200,000; and (b) in the case of an individual, (i) on a first conviction, to a fine of not more than $100,000 or to imprisonment for not more than two years or both, and (ii) on each subsequent conviction, to a fine of not more than $200,000 or to imprisonment for not more than two years or to both.  1994, c. 11, s. 322 (3). Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 170, 171 - 01/10/2009 2018, c. 8, Sched. 7, s. 5 - no effect - see 2019, c. 7, Sched. 16, s. 41 - 08/06/2019; 2018, c. 17, Sched. 11, s. 15 - no effect - see 2019, c. 7, Sched. 16, s. 54 - 29/05/2019 2019, c. 7, Sched. 16, s. 41 - 08/06/2019 323 Repealed:  2007, c. 7, Sched. 7, s. 172. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53, 62 - 01/07/1998 2007, c. 7, Sched. 7, s. 172 - 01/10/2009
324 If a person is convicted of an offence under this Act the court making the conviction, in addition to any penalty it may impose, may order that person to comply with the provisions of this Act or the regulations for the contravention of which the person has been convicted.  1994, c. 11, s. 324.
325 If a person is convicted of an offence under this Act, the court making the conviction, may, in addition to any other penalty, order the person convicted to pay compensation or make restitution in relation to the offence to any person suffering a loss because of the offence.  1994, c. 11, s. 325.
326 (1) If a person has been convicted of an offence under this Act, the court may order the convicted person to pay an amount equal to the court’s estimation of the amount of any monetary benefits acquired by the convicted person or accruing to the convicted person or to the spouse or a dependant of the person.  1994, c. 11, s. 326 (1); 1999, c. 6, s. 19 (6); 2005, c. 5, s. 18 (6). Same (2) Subsection (1) applies even though the maximum fine has been imposed on the convicted person.  1994, c. 11, s. 326 (2). Section Amendments with date in force (d/m/y) 1999, c. 6, s. 19 (6) - 01/03/2000 2005, c. 5, s. 18 (6) - 9/03/2005
327 (1) If a credit union or any director, officer, employee or agent of a credit union does not comply with any provision of this Act, the regulations, the Authority rules or by-laws, or the articles of incorporation or by-laws of the credit union, the Chief Executive Officer or a member or creditor of the credit union may apply to the court for an order directing the credit union, director, officer, employee or agent to comply with, or restraining the credit union, director, officer, employee or agent from acting in breach of, the provision. 2019, c. 7, Sched. 16, s. 42. Additional order (2) On an application under subsection (1), the court may make the order applied for and such further order it thinks appropriate.  1994, c. 11, s. 327 (2). Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 173 - 01/10/2009 2018, c. 8, Sched. 7, s. 5 - 08/06/2019; 2018, c. 17, Sched. 11, s. 15 - no effect - see 2019, c. 7, Sched. 16, s. 54 - 29/05/2019 2019, c. 7, Sched. 16, s. 42 - 08/06/2019 328 Repealed:  2007, c. 7, Sched. 7, s. 174. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 174 - 01/10/2009
329 A contravention of a provision of this Act or the regulations does not invalidate a contract entered into in contravention of the provision unless otherwise expressly provided in this Act.  1994, c. 11, s. 329.
330 The fact that a person is subject to or has paid a penalty for an offence under this Act does not relieve that person from any other liability in a civil proceeding.  1994, c. 11, s. 330.
331 No proceeding for an offence under this Act shall be started more than two years after the facts on which the proceedings are based first came to the knowledge of the Chief Executive Officer.  1994, c. 11, s. 331; 1997, c. 28, s. 53; 2018, c. 8, Sched. 7, s. 5. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2018, c. 8, Sched. 7, s. 5 - 06/08/2019 Administrative Penalties