jswizzle3737/ontario_laws_and_regs huggingface dataset:
216 (1) If a credit union does not intend to include a proposal in a notice of a meeting, it shall, within ten days after receiving the proposal, notify the member submitting it of the intention to omit the proposal from the notice and send to the member reasons for the refusal. Appeal to court (2) Any member who disagrees with a refusal to include a proposal may apply to the court for an order restraining the holding of the meeting at which the proposal is sought to be presented. Same (3) A credit union or any person who objects to a proposal may apply to the court for an order allowing the credit union to omit the proposal from the notice of meeting, and the court, if it is satisfied that subsection 215 (5) applies, may make the order. Court order (4) On an application under subsection (2) or (3), the court may grant the order applied for or any other order that it considers appropriate.  1994, c. 11, s. 216.
217 (1) Five per cent of the members of a credit union may requisition the board to call a general meeting of the members for any purpose that is connected with the affairs of the credit union and that is not inconsistent with this Act.  1994, c. 11, s. 217 (1). (2)-(9) Repealed:  2007, c. 7, Sched. 7, s. 114. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 114 - 01/10/2009
217.1 Each member of a credit union has one vote at a meeting of the members of the credit union.  2007, c. 7, Sched. 7, s. 115. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 115 - 01/10/2009
217.2 (1) A member of a credit union may vote in person or, unless the articles or by-laws of the credit union provide otherwise, by mail or by telephone or electronic means.  2007, c. 7, Sched. 7, s. 115. Conditions in by-laws (2) The by-laws may set out conditions that apply to voting in the different ways allowed under subsection (1).  2007, c. 7, Sched. 7, s. 115. Regulations (3) The Lieutenant Governor in Council may make regulations governing voting in the different ways allowed under subsection (1).  2007, c. 7, Sched. 7, s. 115. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 115 - 01/10/2009
217.3 (1) No member of a credit union shall vote by proxy except when the member is Her Majesty the Queen in right of Ontario or in right of Canada, a corporation, including a municipality defined in the Municipal Affairs Act, an unincorporated association or a partnership registered under the
Business Names Act or a predecessor of that Act.  2007, c. 7, Sched. 7, s. 115. Only one proxy vote (2) A person may cast only one vote by proxy on a matter.  2007, c. 7, Sched. 7, s. 115. Member’s vote not affected (3) For greater certainty, subsection (2) does not prevent a member who votes as a proxy holder from casting the member’s own vote.  2007, c. 7, Sched. 7, s. 115. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 115 - 01/10/2009
217.4 (1) Part VIII of the Business Corporations Act applies, with necessary modifications, with respect to proxies for voting by shareholders in respect of shares other than membership shares or patronage shares as if the credit union were incorporated under that Act.  2007, c. 7, Sched. 7, s. 115. Same (2) For the purposes of subsection (1), any reference in Part VIII of the Business Corporations Act
to “offering corporation” shall be deemed to be a reference to the “credit union” and, if the credit union is not an “offering corporation” as defined in section 1 of that Act, any reference in Part VIII of that Act to the “Commission” shall be deemed to be a reference to the “Chief Executive Officer”.  2007, c. 7, Sched. 7, s. 115; 2018, c. 8, Sched. 7, s. 5. Exception, information circular (3) Despite Part VIII of the Business Corporations Act, as made applicable by subsection (1), neither a credit union nor a dissident is required to deliver an information circular to holders of membership shares or patronage shares.  2007, c. 7, Sched. 7, s. 115. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 115 - 01/10/2009 2018, c. 8, Sched. 7, s. 5 - 08/06/2019
217.5 Unless the articles or by-laws of a credit union provide otherwise, a meeting of the members may be held by telephonic or electronic means and a member who, through those means, votes at the meeting or establishes a communications link to the meeting shall be deemed for the purposes of this Act to be present at the meeting.  2007, c. 7, Sched. 7, s. 115. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 115 - 01/10/2009 Directors’ Meetings
218 (1) Unless the by-laws otherwise provide, if all the directors present at or participating in a meeting consent, a meeting of directors or of a committee of directors may be held by means of telephone, electronic or other communication facilities as allow all those participating in the meeting to communicate with each other simultaneously and instantaneously.  1994, c. 11, s. 218 (1); 2007, c. 7, Sched. 7, s. 117. Director considered present (2) Every director participating in a meeting by any means described in subsection (1) is considered present at the meeting for purposes of this Act.  1994, c. 11, s. 218 (2). Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 116, 117 - 01/10/2009
219 (1) A director who is present at a meeting of directors or a committee of directors shall be deemed to have consented to any resolution passed or action taken at that meeting unless, (a) the director’s dissent is entered in the minutes of the meeting; (b) the director sends a written dissent to the secretary of the meeting before the meeting is adjourned; or (c) the director sends his or her dissent by registered mail or delivers it to the head office of the credit union immediately after the meeting is adjourned. Loss of right to dissent (2) A director who votes for or consents to a resolution is not entitled to dissent under subsection (1). Dissent of absent director (3) A director who is not present at a meeting at which a resolution is passed or action is taken shall be deemed to have consented to the resolution or action unless, within seven days after the director becomes aware of the resolution or action, he or she, (a) has the dissent placed in the minutes of the meeting; or (b) sends the dissent by registered mail or delivers it to the head office of the credit union.  1994, c. 11, s. 219.
220 (1) The Chief Executive Officer may, by written notice to the credit union and each director, require a credit union to hold a meeting of the directors to consider any matter set out in the notice. 2019, c. 7, Sched. 16, s. 18. Attendance by Chief Executive Officer (2) The Chief Executive Officer or a designate of the Chief Executive Officer may attend and be heard at the meeting. 2019, c. 7, Sched. 16, s. 18. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 118 - 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. 18 - 08/06/2019 Miscellaneous
221 Every credit union shall, without charge, supply a copy of its last audited financial statement to every member and shareholder applying for it.  1994, c. 11, s. 221. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 119 - 01/10/2009
222 (1) Except as provided in this Act, no person has a right to inspect the books of a credit union.  1994, c. 11, s. 222 (1). Inspection of person’s own account (2) A person may inspect, at all reasonable hours, the person’s own account.  2007, c. 7, Sched. 7, s. 120 (1). By-laws may authorize inspection (3) A credit union may, by by-law, authorize the inspection of any of its books under such conditions as the by-laws may set out.  1994, c. 11, s. 222 (3). Limits on inspection (4) The right to inspect books is subject to such conditions as to time and manner of inspection as the by-laws may prescribe.  1994, c. 11, s. 222 (4). Inspection of other’s account (5) No person, except an officer or employee of the credit union or a person specifically authorized by a resolution of the board, has the right to inspect the loan or deposit account of any other person without that person’s written consent.  1994, c. 11, s. 222 (5). List of members and shareholders (5.1) A member of a credit union may inspect, at all reasonable hours, a list, extracted from the register under section 230, of the names of the members and shareholders.  2007, c. 7, Sched. 7, s. 120 (2). Use of information (6) A list of members or shareholders obtained under this section shall not be used by any person except in connection with, (a) an effort to influence the voting of members or shareholders of the credit union; (b) an offer to acquire shares of the credit union; or (c) any other matter relating to the affairs of the credit union.  1994, c. 11, s. 222 (6). Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 120 (1, 2) - 01/10/2009
223 (1) Copies of the latest financial statements of each subsidiary of a credit union, (a) shall be kept by the credit union at such place in Ontario as is specified in the by-laws; and (b) shall be open to examination by the members and shareholders of the credit union and their agents.  2007, c. 7, Sched. 7, s. 121 (1). Extracts (2) Everyone entitled to examine the copies of the financial statements may make extracts of the material free of charge during the normal business hours of the credit union.  1994, c. 11, s. 223 (2); 2007, c. 7, Sched. 7, s. 121 (2). Application to court (3) A credit union may, within fifteen days after receiving a request to examine copies of financial statements, apply to the court for an order barring the examination, and the court may, if satisfied that the examination would be detrimental to the credit union or a subsidiary, bar the examination and make any further order it thinks fit.  1994, c. 11, s. 223 (3); 2007, c. 7, Sched. 7, s. 121 (2). Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 121 (1, 2) - 01/10/2009
224 (1) A credit union may establish branches and such other member groups as may be specified in the by-laws, subject to such conditions as may be set out in the by-laws.  2007, c. 7, Sched. 7, s. 122. Branch and member group meetings (2) A credit union may, by by-law, provide for the holding of branch and member group meetings for members of branches and member groups.  2007, c. 7, Sched. 7, s. 122. Election of delegates (3) If a by-law of a credit union provides for a branch or member group meeting, the members of the branch or member group shall elect delegates, by a resolution passed by a majority of the votes cast at the meeting, to represent the members at general meetings of the members of the credit union.  2007, c. 7, Sched. 7, s. 122. Powers of delegates (4) Delegates elected from a branch or member group shall exercise the powers of the members of the branch or member group at all general meetings of the members of the credit union.  2007, c. 7, Sched. 7, s. 122. When members lose vote (5) Members of a branch or member group who are represented by elected delegates at a general meeting of the members of the credit union are entitled to attend the meeting but are not entitled to vote at the meeting.  2007, c. 7, Sched. 7, s. 122. Branch meeting procedure (6) If a by-law of a credit union provides for branch or member group meetings, the by-laws of the credit union shall specify, (a) the number of delegates and votes allowed to each branch and member group at a general meeting of the members of the credit union; (b) the time, place and manner of calling branch and member group meetings; (c) the number of members of a branch or member group that constitute a quorum; and (d) the procedure to be followed in the conduct of branch and member group meetings.  2007, c. 7, Sched. 7, s. 122. Determination of number of delegates and votes (7) The number of delegates and votes allowed to each branch and member group at a general meeting of the members of the credit union under clause (6) (a) shall be determined on a basis that is reasonable given the number of members in each branch or member group.  2007, c. 7, Sched. 7, s. 122. Majority (8) The required majority vote for deciding an issue to be voted on at a branch or member group meeting is the same as that required for deciding a similar issue at a general meeting of the members of the credit union.  2007, c. 7, Sched. 7, s. 122. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 122 - 01/10/2009 PART XI   RETURNS, Examinations and Records Returns and Examinations
225 (1) A credit union shall provide the Chief Executive Officer with such information relating to the credit union’s business as the Chief Executive Officer may require for the purpose of carrying out his or her powers and duties under this Act.  2007, c. 7, Sched. 7, s. 123; 2018, c. 8, Sched. 7, s. 5. Time and form (2) The credit union shall provide the information at such times and in such form as the Chief Executive Officer may require.  2007, c. 7, Sched. 7, s. 123; 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. 123 - 01/10/2009 2018, c. 8, Sched. 7, s. 5 - 08/06/2019
226 (1) A credit union shall provide the Authority with such information relating to the credit union’s business as the Authority may require for the purpose of carrying out its powers and duties under this Act.  2007, c. 7, Sched. 7, s. 123; 2019, c. 7, Sched. 16, s. 49. Time and form (2) The credit union shall provide the information at such times and in such form as the Authority may require.  2007, c. 7, Sched. 7, s. 123; 2019, c. 7, Sched. 16, s. 49. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 123 - 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. 49 - 08/06/2019
227 (1) A credit union shall file an annual return with the Chief Executive Officer at such time, in such form and containing such information as the Chief Executive Officer requires.  2007, c. 7, Sched. 7, s. 123; 2019, c. 7, Sched. 16, s. 50. Review (2) The Chief Executive Officer shall review the annual return and, for that purpose, may require the credit union and any league of which it is a member to provide such additional information concerning the affairs of the credit union as the Chief Executive Officer may require.  2007, c. 7, Sched. 7, s. 123; 2019, c. 7, Sched. 16, s. 50. Same (3) A credit union and league shall provide any additional information required by the Chief Executive Officer under subsection (2).  2007, c. 7, Sched. 7, s. 123; 2019, c. 7, Sched. 16, s. 50. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 123 - 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
228 The Chief Executive Officer may, at any reasonable time, visit the office of any credit union and inspect the premises and examine the credit union’s affairs to determine whether the credit union is complying with this Act, the regulations, orders made by the Chief Executive Officer, the Authority rules or by-laws, conditions imposed on the deposit insurance of the credit union under subsection 270 (4), the by-laws of the credit union or policies established by the board of the credit union. 2019, c. 7, Sched. 16, s. 19. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 123 - 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. 19 - 08/06/2019 229 Repealed: 2019, c. 7, Sched. 16, s. 20. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 123 - 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. 20 - 08/06/2019
229.1 (1) This section applies with respect to examinations under section 228.  2007, c. 7, Sched. 7, s. 123; 2019, c. 7, Sched. 16, s. 21 (1). Access to records and documents, etc. (2) The person conducting the examination is entitled to access to all records and documents of a credit union, wherever located, including information held by a provider of data processing services to the credit union.  2007, c. 7, Sched. 7, s. 123. Answering questions (3) Every director, officer and employee of a credit union shall answer such questions during the course of the examination as may be necessary for the person conducting the examination to determine if the credit union has complied with this Act, the regulations, orders made by the Chief Executive Officer, the Authority rules or by-laws, the by-laws of the credit union or policies established by the board of the credit union. 2019, c. 7, Sched. 16, s. 21 (2). Material to be furnished on examination (4) For the purposes of an examination, (a) a credit union shall prepare and submit to the person conducting the examination such statements with respect to its business, finances or other affairs as the person requires; and (b) the person conducting the examination may require the directors, officers and auditor of a credit union to provide information and explanations, to the extent that they are reasonably able to do so, in respect of the condition and affairs of the credit union and any entity in which the credit union has made an investment.  2007, c. 7, Sched. 7, s. 123. Copies (5) If a record or document has been examined or produced under this section, the person conducting the examination may make, or cause to be made, one or more copies of it and, if necessary, may temporarily remove the record or document for the purposes only of making the copy or copies.  2007, c. 7, Sched. 7, s. 123. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 123 - 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. 21 (1, 2) - 08/06/2019 Records and Documents
230 (1) Every credit union shall keep a register of members, shareholders and other security holders.  2007, c. 7, Sched. 7, s. 124. Contents of register (2) The register shall contain, (a) the name and address of each member, shareholder or other security holder; (b) the number of shares of each class held by each member or shareholder and the number and type of the securities held by each of the other security holders; (c) the date on which the name of any person or entity was entered in the register as a member, shareholder or other security holder; and (d) the date on which any person or entity ceased to be a member.  2007, c. 7, Sched. 7, s. 124. Certificate as evidence (3) A copy of all or part of the register, or a statement as to the contents of all or part of the register, purporting to be certified by the secretary is, without proof of the office or signature of the secretary, receivable in evidence as proof, in the absence of evidence to the contrary, of the facts stated in it for all purposes in any action, proceeding or prosecution.  2007, c. 7, Sched. 7, s. 124. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 124 - 01/10/2009
231 (1) Every credit union shall keep and maintain at its head office or at such other place in Ontario as may be specified in its by-laws such books, registers and other records and documents in either English or French as may be required by the regulations.  2007, c. 7, Sched. 7, s. 124. Chief Executive Officer’s order re location (2) The Chief Executive Officer may order a credit union to keep its books, registers and other records and documents at a place in Ontario, specified in the order, instead of at the credit union’s head office or any other place specified in the credit union’s by-laws.  2007, c. 7, Sched. 7, s. 124; 2018, c. 8, Sched. 7, s. 5. Procedural rules (3) Section 240.1 applies with respect to an order under this section.  2007, c. 7, Sched. 7, s. 124. Appeal to Tribunal (4) 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. 124. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 124 - 01/10/2009 2018, c. 8, Sched. 7, s. 5 - 08/06/2019
232 (1) Any record or document required or authorized by this Act to be prepared and kept by a credit union may be, (a) in a bound or loose-leaf form; (b) in a photographic film form; or (c) recorded by any system of mechanical or electronic data processing or any other information storage device that is capable of reproducing required information in intelligible written form within a reasonable time.  1994, c. 11, s. 232 (1); 2007, c. 7, Sched. 7, s. 125 (1). Conversions (2) Any record or document kept in one form may be converted to any other form.  2007, c. 7, Sched. 7, s. 125 (2). Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 125 (1, 2) - 01/10/2009
233 (1) A copy of the by-laws of a credit union shall be delivered by the credit union to a member on demand on payment of a fee fixed by the by-laws. Fee (2) The fee shall not exceed a prescribed amount.  1994, c. 11, s. 233. PART XII   ENFORCEMENT Certain Orders
234 (1) The Chief Executive Officer may make an order under this section against, (a) any person if, in the Chief Executive Officer’s opinion, the person is doing anything that contravenes this Act or the regulations or might reasonably be expected, if continued, to result in a contravention of this Act or the regulations; or (b) a credit union or a director, officer or employee of a credit union if, in the Chief Executive Officer’s opinion, the credit union, director, officer or employee is doing anything that constitutes a practice that might prejudice or adversely affect the interest of a member, depositor or shareholder of the credit union.  2007, c. 7, Sched. 7, s. 126; 2018, c. 8, Sched. 7, s. 5, 6. What order may require (2) An order under this section may require a person, (a) to stop doing any act or pursuing any course of conduct; or (b) to do any act or pursue any course of conduct.  2007, c. 7, Sched. 7, s. 126. Procedural rules (3) Section 240.1 applies with respect to an order under this section.  2007, c. 7, Sched. 7, s. 126. Appeal to Tribunal (4) The person who 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. 126. Appeal to court (5) A party to the proceedings before the Tribunal may appeal the decision of the Tribunal, within 30 days after the party received notice of the decision, to the court upon a question of law only.  2007, c. 7, Sched. 7, s. 126. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 126 - 01/10/2009 2018, c. 8, Sched. 7, s. 5, 6 - 08/06/2019
235 (1) If it appears to the Chief Executive Officer from an examination of the condition and affairs of a credit union that assets are shown in the books and records of the credit union at an amount greater than the fair value, the Chief Executive Officer may, by order, require the credit union to set aside such additional provisions as it considers necessary.  2007, c. 7, Sched. 7, s. 126; 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. 126. 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. 126. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 126 - 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 236 Repealed:  2007, c. 7, Sched. 7, s. 126. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53, 57 (1) - 01/07/1998 2007, c. 7, Sched. 7, s. 126 - 01/10/2009 237 Repealed:  2007, c. 7, Sched. 7, s. 126. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53, 57 (1) - 01/07/1998 2007, c. 7, Sched. 7, s. 126 - 01/10/2009 238 Repealed:  2007, c. 7, Sched. 7, s. 126. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53, 57 (1) - 01/07/1998 2007, c. 7, Sched. 7, s. 126 - 01/10/2009 239 Repealed:  2007, c. 7, Sched. 7, s. 126. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53, 57 (1) - 01/07/1998 2007, c. 7, Sched. 7, s. 126 - 01/10/2009
240 (1) The Chief Executive Officer may order a credit union to discontinue doing business for such time as he or she determines if, after an inspection, the Chief Executive Officer is satisfied that the continuance in business of the credit union is not in the interest of members, depositors or shareholders.  1994, c. 11, s. 240 (1); 1997, c. 28, s. 53; 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. 127. Reasons (3) The Chief Executive Officer shall set out the reasons for his or her decision in the order.  2007, c. 7, Sched. 7, s. 127; 2018, c. 8, Sched. 7, s. 5. Appeal to Tribunal (4) 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. 127. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 127 - 01/10/2009 2018, c. 8, Sched. 7, s. 5 - 08/06/2019 General Provisions Relating to Orders
240.2 The Chief Executive Officer shall give a copy of an order the Chief Executive Officer makes under this Act to the person who is subject to the order and, if the person who is subject to the order is a credit union, to each director of the credit union. 2019, c. 7, Sched. 16, s. 23. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 128 - 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. 23 - 08/06/2019
240.3 An order by the Chief Executive Officer under this Act comes into effect when it is made or at such later time as the order provides.  2007, c. 7, Sched. 7, s. 128; 2019, c. 7, Sched. 16, s. 24. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 128 - 01/10/2009 2018, c. 8, Sched. 7, s. 5 - no effect - see 2019, c. 7, Sched. 16, s. 24 - 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. 24 - 08/06/2019
240.4 (1) This section applies with respect to an appeal to the Tribunal of an order by the Chief Executive Officer under this Act if the section under which the order is made provides for such an appeal in accordance with this section.  2007, c. 7, Sched. 7, s. 128; 2019, c. 7, Sched. 16, s. 25 (1). How appeal is made (2) The appeal shall be made by filing a written notice of appeal with the Tribunal and serving a copy of the notice on the Chief Executive Officer. 2019, c. 7, Sched. 16, s. 25 (2). Time for filing and serving notice (3) The notice of appeal must be filed and served, as required under subsection (2), within 15 days after the order was received by the person appealing the order.  2007, c. 7, Sched. 7, s. 128. No stay of decision unless granted (4) An appeal from an order does not stay the order but the Tribunal may grant a stay until it disposes of the appeal.  2007, c. 7, Sched. 7, s. 128. Exception (5) Despite subsection (4), an appeal of an order under section 301, 310 or 331.2 stays the order.  2007, c. 7, Sched. 7, s. 128; 2019, c. 7, Sched. 16, s. 25 (3). Hearing (6) The Tribunal shall hold a hearing of the appeal.  2007, c. 7, Sched. 7, s. 128. Parties (7) The parties to the appeal are, (a) the person appealing the order; (b) the Chief Executive Officer; and (c) such other persons as the Tribunal specifies.  2007, c. 7, Sched. 7, s. 128; 2019, c. 7, Sched. 16, s. 25 (4). Power of the Tribunal (8) Upon hearing the appeal, the Tribunal may, by order, confirm, vary or revoke the order being appealed or substitute its order for the order being appealed.  2007, c. 7, Sched. 7, s. 128. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 128 - 01/10/2009 2018, c. 8, Sched. 7, s. 5 - no effect - see 2019, c. 7, Sched. 16, s. 25 - 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. 25 (1-4) - 08/06/2019
240.5 (1) An application for judicial review of an order of the Chief Executive Officer under this Act or of a decision of the Tribunal on the appeal of such an order and any appeal from an order of the court on such an application for judicial review does not stay the order of the Chief Executive Officer or the decision of the Tribunal.  2007, c. 7, Sched. 7, s. 128; 2019, c. 7, Sched. 16, s. 26. Court may grant stay (2) Despite subsection (1), a judge of the court to which the application is made or a subsequent appeal is taken may grant a stay until the disposition of the judicial review or appeal.  2007, c. 7, Sched. 7, s. 128. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 128 - 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. 26 - 08/06/2019 PART XIII   LEAGUES
241 (1) Ten or more credit unions may incorporate a league.  2007, c. 7, Sched. 7, s. 129 (1). Objects (2) The objects of a league are to, (a) provide services primarily to members; (b) provide and manage a liquidity system for credit unions; (c) manage those investments that are held by the league for its members; and (d) carry out such other objects as may be prescribed.  2007, c. 7, Sched. 7, s. 129 (1). General restriction (3) A league may engage in or carry on a business or business activity only as allowed under this section.  2007, c. 7, Sched. 7, s. 129 (1). Businesses, services (3.1) A league may engage in or carry on a business or business activity that a credit union may engage in or carry on and may engage in or carry on such other businesses or business activities, or provide such services, as may be prescribed.  2007, c. 7, Sched. 7, s. 129 (1). Same (4) A league may provide services and a liquidity system to any credit union whether it is a member of the league or not.  1994, c. 11, s. 241 (4). General business (5) Leagues may carry on business, consistent with their objects, through prescribed subsidiaries.  1994, c. 11, s. 241 (5). Subsidiaries (6) A league’s subsidiaries may, if permitted by the league’s by-laws, provide services to the general public.  1994, c. 11, s. 241 (6). Stabilization fund (7) Without limiting anything else a league may do, a league may establish and maintain a stabilization fund for the benefit of the credit unions that are members of the league.  2007, c. 7, Sched. 7, s. 129 (2). Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 129 (1, 2) - 01/10/2009 242 Repealed:  2007, c. 7, Sched. 7, s. 130. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2002, c. 18, Sched. H, s. 3 (8) - 26/11/2002 2007, c. 7, Sched. 7, s. 130 - 01/10/2009
243 (1) This Act, with necessary modification, applies to leagues and their incorporation if consistent with this Part. Exclusion (2) The Lieutenant Governor in Council may, by regulation, exempt leagues from any provision of this Act.  1994, c. 11, s. 243.
244 A league may accept and exercise its rights, powers, privileges and immunities under the Cooperative Credit Associations Act (Canada) only to the extent that they are not prohibited or restricted by this Act or the regulations.  1994, c. 11, s. 244.
245 The Corporations Act does not apply to leagues.  2007, c. 7, Sched. 7, s. 131. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 131 - 01/10/2009
246 Subject to any prescribed restrictions, the following may be members of a league: 1. Credit unions. 2. Prescribed entities.  2007, c. 7, Sched. 7, s. 131. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 131 - 01/10/2009 247 Repealed:  2007, c. 7, Sched. 7, s. 131. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 131 - 01/10/2009 248 Repealed:  2007, c. 7, Sched. 7, s. 131. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 131 - 01/10/2009 PART XIV   Intervention, Supervision and Deposit Insurance 249 Repealed: 2018, c. 17, Sched. 11, s. 3. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 132 - 01/10/2009 2017, c. 20, Sched. 8, s. 78 - no effect - see 2018, c. 17, Sched. 11, s. 17 - 08/06/2019 2018, c. 17, Sched. 11, s. 3 - 08/06/2019 250 Repealed: 2018, c. 17, Sched. 11, s. 3. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 133 - 01/10/2009 2018, c. 17, Sched. 11, s. 3 - 08/06/2019 251 Repealed: 2018, c. 17, Sched. 11, s. 3. Section Amendments with date in force (d/m/y) 2018, c. 17, Sched. 11, s. 3 - 08/06/2019 252 Repealed: 2018, c. 17, Sched. 11, s. 3. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 134 (1, 2) - 01/10/2009 2018, c. 17, Sched. 11, s. 3 - 08/06/2019 253 Repealed: 2018, c. 17, Sched. 11, s. 3. Section Amendments with date in force (d/m/y) 2018, c. 17, Sched. 11, s. 3 - 08/06/2019 254 Repealed: 2018, c. 17, Sched. 11, s. 3. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 135 - 01/10/2009 2018, c. 17, Sched. 11, s. 3 - 08/06/2019 255 Repealed: 2018, c. 17, Sched. 11, s. 3. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 136 - 01/10/2009 2018, c. 17, Sched. 11, s. 3 - 08/06/2019 256 Repealed: 2018, c. 17, Sched. 11, s. 3. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 5 (4) - 10/10/1997; 1997, c. 28, s. 53 - 01/07/1998; 1999, c. 12, Sched. I, s. 2 (7) - 22/12/1999 2007, c. 7, Sched. 7, s. 136 - 01/10/2009 2017, c. 34, Sched. 46, s. 11 - 01/01/2018 2018, c. 17, Sched. 11, s. 3 - 08/06/2019 257 Repealed: 2018, c. 17, Sched. 11, s. 3. Section Amendments with date in force (d/m/y) 2004, c. 17, s. 32
- 30/11/2004 2007, c. 7, Sched. 7, s. 136 - 01/10/2009 2017, c. 34, Sched. 46, s. 11 - 01/01/2018 2018, c. 17, Sched. 11, s. 3 - 08/06/2019 258 Repealed:  2007, c. 7, Sched. 7, s. 136. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 136 - 01/10/2009 259 Repealed: 2017, c. 34, Sched. 46, s. 11. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 137 - 01/10/2009 2017, c. 34, Sched. 46, s. 11 - 01/01/2018 260 Repealed: 2018, c. 17, Sched. 11, s. 3. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 137 - 01/10/2009 2018, c. 17, Sched. 11, s. 3 - 08/06/2019 261 Repealed: 2018, c. 17, Sched. 11, s. 3. Section Amendments with date in force (d/m/y) 2002, c. 18, Sched. H, s. 3 (9) - 26/11/2002 2007, c. 7, Sched. 7, s. 137 - 01/10/2009 2018, c. 17, Sched. 11, s. 3 - 08/06/2019
270 (1) Subject to subsection (2), the deposits with every credit union that, under the regulations, are insurable deposits, are insured by the Authority in accordance with this Act and the by-laws of the Authority, except if the deposit insurance of the credit union is cancelled under section 274. 2018, c. 17, Sched. 11, s. 9. Exceptions (2) The following are not insured: 1. A deposit that is not payable in Canada or not in Canadian currency. 2. The amount of an insurable deposit that exceeds a prescribed amount.  2007, c. 7, Sched. 7, s. 140; 2016, c. 37, Sched. 5, s. 5 (2). Conditions on deposit insurance (3) The deposit insurance of a credit union is subject to the prescribed conditions and any other conditions imposed by the Authority under subsection (4).  2007, c. 7, Sched. 7, s. 140; 2019, c. 7, Sched. 16, s. 49. Conditions imposed by notice (4) The Authority may impose conditions on the deposit insurance of a credit union, or amend such conditions, at any time by written notice to the credit union.  2007, c. 7, Sched. 7, s. 140; 2019, c. 7, Sched. 16, s. 49. Certificate (5) The Authority shall issue a certificate of deposit insurance to every credit union whose deposits the Authority insures.  2007, c. 7, Sched. 7, s. 140; 2019, c. 7, Sched. 16, s. 49. Insurance continues after member withdraws, etc. (6) For greater certainty, the obligation to insure an insurable deposit of a member of a credit union continues after the member withdraws or is expelled.  2007, c. 7, Sched. 7, s. 140; 2016, c. 37, Sched. 5, s. 5 (3). Shares not insurable (7) The shares of a credit union are not insurable by the Authority.  2007, c. 7, Sched. 7, s. 140; 2019, c. 7, Sched. 16, s. 49. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 140 - 01/10/2009 2016, c. 37, Sched. 5, s. 5 (1-3) - 01/01/2018 2018, c. 17, Sched. 11, s. 9 - 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. 49 - 08/06/2019
271 (1) This section applies to the deposits of a person who has deposits with two or more credit unions that amalgamate and continue in operation as one credit union. 1994, c. 11, s. 271 (1). Remain separate (2) A deposit with an amalgamating credit union on the day on which the amalgamated credit union is formed, less any withdrawals from the deposit, is, for the purpose of deposit insurance with the Authority, separate from a deposit of the same person on that day with another amalgamating credit union that became part of the amalgamated credit union. 1994, c. 11, s. 271 (2); 2019, c. 7, Sched. 16, s. 49. Deposits with amalgamated credit union (3) A deposit made by a person referred to in subsection (2) with an amalgamated credit union after the day on which the amalgamated credit union is formed is insured by the Authority only to the extent that the aggregate of that person’s deposits with the amalgamated credit union, exclusive of the deposit in respect of which the calculation is made, does not exceed a prescribed amount. 1994, c. 11, s. 271 (3); 2016, c. 37, Sched. 5, s. 6; 2019, c. 7, Sched. 16, s. 49. If undertaking acquired (4) For the purpose of deposit insurance with the Authority, if one credit union acquires the undertaking and assets of another credit union, those credit unions are considered to be amalgamating credit unions.  1994, c. 11, s. 271 (4); 2019, c. 7, Sched. 16, s. 49. Section Amendments with date in force (d/m/y) 2016, c. 37, Sched. 5, s. 6 - 01/01/2018 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. 49 - 08/06/2019
272 (1) The Authority may examine the records and documents of the credit union if the Authority believes that a payment by the Authority under this Act in respect of a deposit held by a credit union is imminent and that it is in the best interest of both the depositors with the credit union and the Authority to make early preparations for the payment.  2007, c. 7, Sched. 7, s. 141; 2019, c. 7, Sched. 16, s. 49. Same (2) The examination may be made by a person designated by the Authority.  2007, c. 7, Sched. 7, s. 141; 2019, c. 7, Sched. 16, s. 49. Examination powers (3) Section 229.1 applies, with necessary modifications, with respect to an examination under this section.  2007, c. 7, Sched. 7, s. 141. Application to receivers and liquidators (4) Under clause 229.1 (4) (b), as it applies under subsection (3), the person conducting the examination may also require a receiver or liquidator to provide information and explanations.  2007, c. 7, Sched. 7, s. 141. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 141 - 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. 49 - 08/06/2019 273 Repealed:  2007, c. 7, Sched. 7, s. 141. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 5 (4) - 10/10/1997; 1999, c. 12, Sched. I, s. 2 (7) - 22/12/1999 2007, c. 7, Sched. 7, s. 141 - 01/10/2009
274 (1) The deposit insurance of a credit union may be cancelled on not less than 30 days notice to the credit union by the Authority when, (a) the credit union is in breach of the standards of business and financial practices established by the Authority or any conditions of its deposit insurance; (b) the credit union ceases to accept deposits; (c) an order has been made appointing the Chief Executive Officer or another person as the liquidator of the credit union; (d) the credit union fails to pay its deposit insurance premiums; or (e) the Authority determines, on reasonable grounds, that the credit union is unable to meet its obligations as they come due. 2019, c. 7, Sched. 16, s. 28. Effect of cancellation (2) If the deposit insurance of a credit union is cancelled by the Authority, the deposits with the credit union on the day the cancellation takes effect, less any withdrawals from those deposits, continue to be insured for a period of two years or, in the case of a term deposit with a remaining term exceeding two years, to the maturity of that term.  1994, c. 11, s. 274 (2); 2019, c. 7, Sched. 16, s. 49. Notification to depositors (3) If the deposit insurance of a credit union has been cancelled, the credit union shall notify its depositors of that fact and shall stop accepting deposits from the date of cancellation.  1994, c. 11, s. 274 (3). Public notice (4) The Authority may, in the manner it considers expedient, give public notice of the cancellation of deposit insurance of a credit union if, in the opinion of the Authority, the public interest requires that notice be given.  1994, c. 11, s. 274 (4); 2019, c. 7, Sched. 16, s. 49. Notice to league (5) The Authority shall give the league for the credit union written notice of the cancellation of deposit insurance. 2018, c. 17, Sched. 11, s. 11. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 142 (1-3) - 01/10/2009 2018, c. 8, Sched. 7, s. 5 - 08/06/2019; 2018, c. 17, Sched. 11, s. 11 - 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. 28, 49 - 08/06/2019
275 (1) Except as allowed under this section, no person shall, by written or oral representations, advertise or hold out any entity as being insured by the Authority.  2007, c. 7, Sched. 7, s. 143; 2019, c. 7, Sched. 16, s. 49. Advertisement, etc., by credit union or league (2) A credit union may advertise or hold out that it is insured and a league may advertise or hold out that its members are insured if the advertising or holding out is by marks, signs, advertisements or other devices authorized by the Authority rules or by-laws and used in the manner and on the occasions set out by the Authority rules or by-laws. 2019, c. 7, Sched. 16, s. 29. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 53 - 01/07/1998 2007, c. 7, Sched. 7, s. 143 - 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. 29, 49 - 08/06/2019 Deposit Insurance Reserve Fund and Premiums
276 (1) The Authority shall maintain a fund, called the Deposit Insurance Reserve Fund. 2007, c. 7, Sched. 7, s. 143; 2019, c. 7, Sched. 16, s. 49. Use of the Fund (2) Subject to subsection (2.1), the Deposit Insurance Reserve Fund may be used to pay only for the following: 1. Deposit insurance claims. 2. The costs associated with the orderly winding up of credit unions in financial difficulty. 3. Financial assistance provided under clause 262 (1) (a). 4. Payments made under clause 262 (1) (b). 5. Assets acquired or liabilities assumed under clause 262 (1) (c). 6. Fees in respect of credit agreements entered into by the Authority to provide financial assistance to the credit union sector. 2019, c. 7, Sched. 16, s. 30 (1); 2021, c. 8, Sched. 1, s. 1. Same, DICO-FSRA amalgamation (2.1) The Authority may make a one-time withdrawal of funds from the Deposit Insurance Reserve Fund in accordance with the following: 1. The withdrawal must be made on or before March 31, 2020. 2. The amount of the withdrawal must be equal to the Authority’s budgeted revenue from assessments of the credit union sector for the Authority’s first assessment period ending March 31, 2020, as set out in the Authority’s business plan and approved by the Minister. 3. The withdrawn funds must be used by the Authority for its budgeted expenses and expenditures allocated to the credit union sector. 2019, c. 7, Sched. 16, s. 30 (1). Same (3) The Authority has the power to manage and invest the money in the Deposit Insurance Reserve Fund and may disburse money from the Fund for anything under subsection (2) or (2.1). 2007, c. 7, Sched. 7, s. 143; 2019, c. 7, Sched. 16, s. 30 (2), 49. Liability of Authority limited (4) The total liability of the Authority to insure deposits at any particular time is limited to the assets of the Deposit Insurance Reserve Fund at that time. 2018, c. 17, Sched. 11, s. 12 (3). Not public money (5) The assets of the Deposit Insurance Reserve Fund are not public money within the meaning of the Financial Administration Act and do not form part of the Consolidated Revenue Fund. 2018, c. 17, Sched. 11, s. 12 (3). Immunity of Crown (6) The Crown is not liable for any liability or obligation in respect of the Deposit Insurance Reserve Fund. 2018, c. 17, Sched. 11, s. 12 (3). Section Amendments with date in force (d/m/y) 2001, c. 8, s. 30
- 29/06/2001 2007, c. 7, Sched. 7, s. 143 - 01/10/2009 2018, c. 17, Sched. 11, s. 12 (1, 2), 15 - no effect - see 2019, c. 7, Sched. 16, s. 54 - 29/05/2019; 2018, c. 17, Sched. 11, s. 12 (3) - 08/06/2019 2019, c. 7, Sched. 16, s. 30 (1, 2), 49 - 08/06/2019 2021, c. 8, Sched. 1, s. 1 - 27/04/2021
276.1 (1) Within 120 days after the start of a credit union’s financial year, the Authority shall do the following: 1. Determine the credit union’s annual premium for that financial year in accordance with the regulations. 2. Collect the annual premium determined under paragraph 1.  2007, c. 7, Sched. 7, s. 143; 2019, c. 7, Sched. 16, s. 49. Deposit of premiums (2) The Authority shall credit the annual premiums to the Deposit Insurance Reserve Fund.  2007, c. 7, Sched. 7, s. 143; 2019, c. 7, Sched. 16, s. 49. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 143 - 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. 49 - 08/06/2019
277 The Authority may charge interest at a rate equal to the rate prescribed under subsection 161 (1) of the Income Tax Act (Canada) plus 2 per cent on the unpaid amount of any premium instalment that is not paid on or before the due date of that instalment.  1994, c. 11, s. 277; 2019, c. 7, Sched. 16, s. 49. Section Amendments with date in force (d/m/y) 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. 49 - 08/06/2019
278 The Authority may, upon such conditions as it may direct, defer the collection of, or cancel, all or part of an annual premium assessed by the Authority.  2007, c. 7, Sched. 7, s. 144; 2019, c. 7, Sched. 16, s. 49. 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. 49 - 08/06/2019 Supervision