Leagues
12. (1) Ten or more credit unions may be incorporated as a league or federation for the object and purpose of, (a) protecting and advancing the credit unions that are members of the league; (b) providing encouragement and assisting in programs and activities contributing to the growth and development of member credit unions; (c) conducting training programs for the general improvement of managers, employees and members of the board of directors and committees of member credit unions; (d) arranging for pension plans, group bonding and group insurance of all kinds for the officers, employees and members of credit unions and assisting in repayment of loans made by credit unions to their members; (e) receiving money from their member credit unions or the Ontario Share and Deposit Insurance Corporation, either as payment on shares or as deposits; (f) making loans to credit unions that are members of the league; (g) providing services to or for its member credit unions that, in the opinion of the directors of the league, are incidental or conducive to the sound operation or to the attaining of the purposes of its members. Examination by league (2) Any competent person authorized by a league may examine into the affairs of any credit union that is a member of the league and for such purpose the person shall be given access to all books, records and other documents of the credit union and may make whatever inquiries are necessary to ascertain its true condition and its ability to provide for the payment of its liabilities as they become due, and the officers and employees of the credit union shall facilitate the person in the examination and inquiry. Act to apply to leagues (3) The provisions of this Act applicable to credit unions apply with necessary modifications to leagues and their incorporation except where inconsistent with this section, but the Lieutenant Governor in Council may by regulation declare that any provision of this Act does not apply to leagues. R.S.O. 1980, c.102, s.12(1-3). Ancillary powers (4) Every league has power as incidental and ancillary to its objects, (a) to apply to and enter into any agreement with the Canada Deposit Insurance Corporation, the Ontario Share and Deposit Insurance Corporation, the Government of Canada, the Government of Ontario, a bank listed in Schedule I or II to the Bank Act (Canada) or other corporation or person, to obtain loans or other financial assistance; (b) to act as agent or subagent for primary or secondary distribution of bonds, debentures or other evidences of indebtedness of or guaranteed by the Government of Canada or any province or municipal corporation in Canada and for that purpose trade in such bonds, debentures or other evidences of indebtedness to the extent necessary; (c) to become a member of, buy shares in, deposit money with or borrow money from any other league or any co-operative credit society or association as defined in the Cooperative Credit Associations Act (Canada) or any other like institution incorporated under the laws of Canada or any province; (d) when authorized by the Director, to establish, arrange for and maintain trust funds and stabilization funds for the benefit of the member credit unions; (e) to invest in the fully paid shares of, (i) any corporation registered under the Loan and Trust Corporations Act, or (ii) with the approval of the Superintendent, any company incorporated to carry on any other business reasonably ancillary to the business of a credit union or a league, but if such investment exceeds 30 per cent of the voting common shares of a corporation, the league shall own at least 51 per cent of the voting common shares of the corporation; (f) to provide such other services as may be authorized by the regulations. R.S.O. 1980, c.102, s.12(4); 1983, c.46, s.1(1). Stabilization fund (5) Where a league maintains a stabilization fund under clause (4) (d), any such fund shall be held in trust, maintained in a separate account from the ordinary accounts of the league, and managed independently of the other business of the league. 1983, c.46, s.1(2). Application of federal Act (6) A league may accept and exercise all rights, powers, privileges and immunities conferred on it by the Cooperative Credit Associations Act (Canada). Withdrawal (7) Any credit union that is a member of a league may withdraw from membership if authorized by resolution passed by a majority of the votes cast at a general meeting duly called for the purpose. R.S.O. 1980, c.102, s.12(5,6). Contracts