Bill C-38
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Subsidiary
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5. An entity is a subsidiary of another entity
if it is controlled by the other entity .
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243. Subsection 6(2) of the Act is
repealed.
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244. The Act is amended by adding the
following after section 13:
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References in
other Acts
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13.1 A reference in any other Act of
Parliament to ``an association to which the
Cooperative Credit Associations Act applies''
is to be construed as not including a central
cooperative credit society for which an order
has been made under subsection 473(1).
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245. Section 14 of the Act is replaced by
the following:
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Application of
Act
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14. This Act applies to the former-Act
association, and to every body corporate
incorporated or formed by or under this Act,
so long as it is not discontinued under this Act.
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1997, c. 15,
s. 116
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246. Section 22 of the Act is replaced by
the following:
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Sunset
provision
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22. Associations shall not carry on business
after the day that is five years after this section
comes into force , except that if Parliament
dissolves on that day or at any time within the
three-month period before that day ,
associations may continue to carry on
business until the day that is one hundred and
eighty days after the first day of the first
session of the next Parliament.
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247. The heading of Part III of the Act is
replaced by the following:
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INCORPORATION, CONTINUANCE AND DISCONTINUANCE |
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248. Sections 23 and 24 of the Act are
replaced by the following:
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Incorporation
of association
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23. On the application of one or more
persons made in accordance with this Act, the
Minister may, subject to this Part, issue letters
patent incorporating an association.
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Who may
apply for
incorporation
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24. An application for incorporation of an
association may only be made by
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249. Section 27 of the Act is replaced by
the following:
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Matters for
consideration
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27. Before issuing letters patent to
incorporate an association, the Minister shall
take into account all matters that the Minister
considers relevant to the application,
including
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250. The Act is amended by adding the
following after section 31:
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Continuance |
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Federal
corporations
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31.1 (1) A body corporate incorporated
under the Canada Business Corporations Act
or any other Act of Parliament may apply to
the Minister for letters patent continuing the
body corporate as an association.
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Other
corporations
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(2) A body corporate incorporated
otherwise than by or under an Act of
Parliament may, if so authorized by the laws
of the jurisdiction where it is incorporated,
apply to the Minister for letters patent
continuing the body corporate as an
association.
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Continuance
for the
purpose of
amalgamation
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(3) A body corporate incorporated or
continued otherwise than under this Act may
apply to the Minister for letters patent
continuing the body corporate as an
association if the body corporate proposes to
be continued under this Act for the purpose of
amalgamating with another body corporate in
compliance with this Act.
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Application
for
continuance
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31.2 (1) When a body corporate applies for
letters patent under section 31.1, sections 24 to
27 apply in respect of the application, with any
modifications that the circumstances require.
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Special
resolution
approval
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(2) When a body corporate applies for
letters patent under section 31.1, the
application must be duly authorized by a
special resolution.
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Copy of
special
resolution
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(3) A copy of the special resolution must be
filed with the application.
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Power to issue
letters patent
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31.3 (1) On the application of a body
corporate under subsection 31.1(1) or (2), the
Minister may, subject to this Part, issue letters
patent continuing the body corporate as an
association if the body corporate
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Power to issue
letters patent
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(2) On the application of a body corporate
under subsection 31.1(3), the Minister may,
subject to this Part, issue letters patent
continuing the body corporate as an
association only if the Minister is of the
opinion that the association that results from
the amalgamation will
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Issue of letters
patent
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(3) If letters patent are issued to a body
corporate under subsection (1) or (2), section
27 applies in respect of the issue of letters
patent, with any modifications that the
circumstances require.
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Effect of
letters patent
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31.4 On the day set out in the letters patent
continuing a body corporate as an association
under section 31.3,
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Copy of
letters patent
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31.5 (1) When a body corporate is
continued as an association under section
31.3, the Superintendent shall without delay
send a copy of the letters patent to the
appropriate official or public body in the
jurisdiction in which the body corporate was
incorporated.
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Notice of
issuance of
letters patent
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(2) The Superintendent shall cause to be
published in the Canada Gazette a notice of
the issuance of letters patent continuing a
body corporate as an association.
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Effects of
continuance
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31.6 Where a body corporate is continued
as an association,
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Transitional
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31.7 (1) Despite any other provision of this
Act or the regulations, the Minister may, on
the recommendation of the Superintendent, by
order, grant to an association in respect of
which letters patent were issued under section
31.3 permission to
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Duration
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(2) The permission shall be expressed to be
granted for a period specified in the order not
exceeding
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Renewal
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(3) Subject to subsection (4), the Minister
may, on the recommendation of the
Superintendent, by order, renew a permission
with respect to any matter described in
paragraphs (1)(b) to (d) for any further period
or periods that the Minister considers
necessary.
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Limitation
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(4) The Minister shall not grant to an
association a permission
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1998, c. 1,
s. 382
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251. Section 32 of the Act is replaced by
the following
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Transferring
to other
federal Acts
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32. (1) An association may
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Conditions for
approval
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(2) No approval referred to in paragraph
(1)(d) or (e) may be given to an association
unless the Minister is satisfied that
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252. Section 36 of the Act is replaced by
the following:
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Name
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36. The name of an association shall include
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or any combination or derivative thereof.
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1996, c. 6,
s. 50
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253. Section 37 of the Act is replaced by
the following:
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Affiliated
entity
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37. Despite section 35, an association that
is affiliated with another entity may, with the
consent of that entity and the approval of the
Superintendent, be incorporated with, or
change its name to, substantially the same
name as that of the affiliated entity.
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1996, c. 6,
s. 52
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254. Subsection 40(2) of the Act is
replaced by the following:
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Revoking
name
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(2) If an association has been directed under
subsection (1) to change its name and has not,
within sixty days after the service of the
direction, changed its name to a name that is
not prohibited by this Act, the Superintendent
may revoke the name of the association and
assign to it a name and, until changed in
accordance with section 219 or 221 , the name
of the association is thereafter the name so
assigned.
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