Bill C-91
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SUMMARY |
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This enactment modernizes the law governing Canadian
cooperatives so as to meet their needs. This modernization strengthens
and clarifies the corporate governance rules relating to cooperatives
and provides them with the ability to take advantage of financing
vehicles available to other business entities.
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EXPLANATORY NOTES |
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Canada Business Corporations Act |
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Clause 380: Subsection 186.1(1) reads as follows:
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186.1 (1) Subject to subsection (2), a corporation may not
amalgamate with one or more bodies corporate pursuant to the Bank
Act, the Canada Cooperative Associations Act, the Cooperative Credit
Associations Act, the Insurance Companies Act or the Trust and Loan
Companies Act unless the corporation is first authorized to do so by the
shareholders in accordance with section 183.
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Clause 381: Subsection 188(2.1) reads as follows:
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(2.1) A corporation that is authorized by the shareholders in
accordance with this section may apply to the appropriate Minister for
its continuance under the Bank Act, the Canada Cooperative
Associations Act, the Insurance Companies Act or the Trust and Loan
Companies Act.
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Cooperative Credit Associations Act |
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Clause 382: Sections 32 and 33 read as follows:
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32. (1) An association may, with the approval in writing of the
Minister, apply for a certificate of continuation under section 7 of the
Canada Cooperative Associations Act.
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(2) No approval referred to in subsection (1) may be given to an
association unless the Minister is satisfied that the application of the
association for a certificate of continuation under the Canada
Cooperative Associations Act has been authorized by a special
resolution of the members.
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33. On the day specified in the certificate referred to in subsection
32(1), the Canada Cooperative Associations Act applies and this Act
ceases to apply to the body corporate continued under that Act.
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Clause 383: Subsection 35(2) reads as follows:
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(2) Notwithstanding the Canada Cooperative Associations Act, an
association may use the word ``cooperative'' or ``coopérative'', or any
abbreviation of that word, in its name.
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Clause 384: The relevant portion of section 50 reads
as follows:
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50. If, at any time, the membership in an association does not include
at least two central cooperative credit societies or ten local cooperative
credit societies as described in section 24, the association shall
forthwith take such steps as are necessary to
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