This enactment amends the Competition Act to provide that the Commissioner of Competition need not be notified of proposed amalgamations involving only federally and provincially regulated credit unions.

It also amends the Bank Act to provide that a proposal by a member of a federal credit union to raise a matter at an annual meeting is to be signed by a minimum number of members who are entitled to vote at the meeting. Finally, it amends the Act to specify that only a federal credit union that is a distributing bank is required to provide access to its members register.

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

Amalgamation

(4) Subject to Insertion start subsections Insertion end (4.‍1) Insertion start and (4.‍2) Insertion end and section 113, this Part applies in respect of a proposed amalgamation of two or more entities if one or more of those entities carries on an operating business, or controls an entity that carries on an operating business, and if

Amalgamation – credit unions

(4.‍2) This Part does not apply in respect of a proposed amalgamation of two or more entities each of which

• (a) carries on an operating business or controls an entity that carries on an operating business;

• (b) provides financial services on a cooperative basis; and

• (c) is incorporated or organized by or under the Bank Act or an Act of the legislature of a province.

  End of inserted block

Proposals — members of federal credit union

144.‍1 (1) Subject to subsections (2), Insertion start (2.‍1) Insertion end and (3), a member of a federal credit union may

Proposal to be signed

(2.‍1) A proposal must be signed by at least 500 members who are entitled to vote at the meeting, or 1 per cent of the total number of members entitled to vote at the meeting, whichever is the lesser.

Proof may be required

(5) If the federal credit union requests within the prescribed period that a member provide proof that they are eligible to submit a proposal Insertion start or that the proposal is signed by the applicable number of members who are entitled to vote at the meeting Insertion end , the member must within the prescribed period provide proof that they meet the requirement of subsection (2) Insertion start or that the proposal meets the requirement of subsection (2.‍1), as the case may be Insertion end .

Refusal to include proposal

144.‍2 (1) If a federal credit union refuses to include a proposal in a notice of a meeting referred to in section 138, it must, within the prescribed period after the day on which it receives the proposal or the day on which it receives the proof Insertion start required Insertion end under subsection 144.‍1(5), as the case may be, notify in writing the person submitting the proposal of its intention to omit the proposal from the notice and of the reasons for the refusal.

Access to members register – distributing bank

(3) Members, shareholders and creditors of a federal credit union Insertion start that is a distributing bank Insertion end , and their personal representatives, may examine the members register during the usual business hours of the Insertion start bank Insertion end and may take extracts from it free of charge or have copies of it made on payment of a reasonable fee. Any other person may, on payment of a reasonable fee, examine the members register during the usual business hours of the bank and take extracts from it or have copies of it made.

Electronic access

(4)  Insertion start A Insertion end federal credit union may make the information contained in the members register available by any mech­anical or electronic data processing system or other information storage device that is capable of reproducing it in intelligible written form within a reasonable time.