Bill C-5
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RECOMMENDATION |
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His Excellency the Governor General recommends to the House of
Commons the appropriation of public revenue under the circumstances,
in the manner and for the purposes set out in a measure entitled ``An Act
respecting cooperatives''.
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SUMMARY |
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This enactment modernizes the law governing Canadian coopera
tives 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 amalga
mate with one or more bodies corporate pursuant to the Bank Act, the
Canada Cooperative Associations Act, the Cooperative Credit Associa
tions 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 Associa
tions 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 Coopera
tive 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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