jswizzle3737/ontario_laws_and_regs huggingface dataset:
General
1. (1) Ontario Regulation 76/95 (Credit Unions) applies with respect to a league as if it were a credit union, except to the extent modified by this Regulation. O. Reg. 77/95, s. 1 (1). (2) In this Regulation, “the credit unions regulation” means Ontario Regulation 76/95. O. Reg. 77/95, s. 1 (2). (3) The interpretation sections of the credit unions regulation extend to this Regulation. O. Reg. 77/95, s. 1 (3). Capital Structure
Capital Structure
2. The following are prescribed persons for the purposes of subsection 83 (1) of the Act (restrictions on transfer of securities): 1. A member of the league issuing the securities. 2. A member of a credit union that is a member of the league issuing the securities. O. Reg. 77/95, s. 2. Adequate Capital
Adequate Capital
3. (1) A league has adequate capital if its regulatory capital at least equals 5 per cent of its total assets. O. Reg. 77/95, s. 3 (1). (2) Section 12 of the credit unions regulation does not apply with respect to a league. O. Reg. 77/95, s. 3 (2). Business Powers
Business Powers
4. A league may provide the following services under clause 241 (3) (d) of the Act: 1. Arranging for one or more pension plans for the directors, officers, employees and members of credit unions, their subsidiaries and subsidiaries of the league. 2. Arranging for group bonding for directors, officers and employees of a credit union, its subsidiaries and subsidiaries of the league. 3. Providing credit counselling to members of credit unions who are repaying loans made by the credit unions. O. Reg. 77/95, s. 4.
Business Powers
5. A league may provide investment counselling and portfolio management services to its members, depositors, subsidiaries and affiliates under section 173 of the Act. O. Reg. 77/95, s. 5.
Business Powers
6. (1) A league may administer a group insurance policy for its employees, its members, the employees of its members or subsidiaries and credit unions that are not members and their employees. O. Reg. 77/95, s. 6 (1). (2) Group accident and sickness insurance and group life insurance administered by a league must be restricted to the league’s employees, its members, the employees of its members or subsidiaries and credit unions that are not members and their employees. O. Reg. 77/95, s. 6 (2).
Business Powers
7. A league is authorized under section 177 of the Act to act as trustee with respect to an escrow agreement relating to share offerings by a credit union. O. Reg. 77/95, s. 7. Investment and Lending
Investment and Lending
8. Section 62 of the credit unions regulation (aggregate loan limits for a person or an entity and connected persons) does not apply with respect to a loan made by a league to a credit union or to a subsidiary of the league. O. Reg. 77/95, s. 8.
Investment and Lending
9. For the purposes of subsection 199 (1) of the Act (restriction on single investments), the prescribed percentage of a league’s regulatory capital and deposits is 10 per cent. O. Reg. 77/95, s. 9.
Investment and Lending
10. For the purposes of subsection 199 (3) of the Act, “connected person” means a member or a customer of a league or a person who is one of the following in relation to a member or customer: 1. A body corporate in which the member or customer holds or beneficially owns, directly or indirectly, at least 20 per cent of the voting securities. 2. An affiliate of a body corporate described in paragraph 1. 3. A person who has a 50 per cent interest in a partnership in which the member or customer also has a 50 per cent interest. 4. A partnership in which the member or customer is a partner. 5. A trust or estate in which the member or customer has a substantial beneficial interest. 6. A trust or estate in respect of which the member or customer serves as trustee or in a similar capacity. 7. A spouse who is financially dependent on the member or customer. 8. A relative of the member or customer or of the member’s or customer’s spouse, i. who lives in the same home as the member or customer, and ii. who is financially dependent on the member, customer or spouse. 9. An individual on whose financial resources the member or customer depends to repay a loan to a league. 10. A person who provides security to a league for a loan to the member or customer. O. Reg. 77/95, s. 10; O. Reg. 111/00, s. 1; O. Reg. 308/05, s. 1. Subsidiaries
Subsidiaries
11. Leagues may carry on business under subsection 241 (5) of the Act through the following types of subsidiaries: 1. A subsidiary in which a credit union may invest under the Act. 2. A corporation established to carry out a league’s responsibilities as a stabilization authority. 3. A corporation established to administer development funds for the creation of new credit unions. 4. A corporation established to administer development funds for investments in, and loans to, small businesses. 5. A corporation that issues payment cards, credit cards or charge cards and operates a payment or charge card plan. O. Reg. 77/95, s. 11.
Subsidiaries
12. For the purpose of subsection 200 (7) of the Act (restriction on investment in subsidiaries), the prescribed percentage of the league’s regulatory capital and deposits is 20 per cent. O. Reg. 77/95, s. 12. Exemptions from the Act
Exemptions from the Act
13. (1) Leagues are exempted under subsection 243 (2) of the Act from the following provisions of the Act: 1. Section 31 (admissions outside bonds of association). 2. Section 35 (voting). 3. Section 46 (withdrawal of members). 4. Section 47 (expulsion of members). 5. Section 201 (investment in another credit union). 6. Section 217 (requisitions for meetings). O. Reg. 77/95, s. 13. (2) A league that is a party to a syndicated loan agreement described in section 60 of Ontario Regulation 76/95 is exempted from section 194 of the Act (loans to members only) with respect to the syndicated loan. O. Reg. 315/98, s. 1. (3) Revoked: O. Reg. 619/99, s. 2.
Exemptions from the Act
14. Omitted (revokes other Regulations). O. Reg. 77/95, s. 14.
Exemptions from the Act
15. Omitted (provides for coming into force of provisions of this Regulation). O. Reg. 77/95, s. 15. Français