Bill C-38
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Conditions
precedent to
application
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(2) No application for approval under
subsection (1) may be made unless
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Approval by
Minister
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(3) A sale agreement has no force or effect
until it has been approved by the Minister.
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Approval by
Minister
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(4) If an application has been made to the
Minister in accordance with subsections (1)
and (2), the Minister may approve the sale
agreement to which the application relates.
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279. Section 236 of the Act is amended by
adding the following after subsection (4):
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Electronic
access
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(4.1) An association may make the
information contained in records referred to in
subsection 235(1) available to persons by any
system of mechanical or electronic data
processing or any other information storage
device that is capable of reproducing the
records in intelligible written form within a
reasonable time.
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280. Subsection 242(1) of the Act is
replaced by the following:
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Location and
processing of
information
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242. (1) Subject to subsection (3), an
association shall maintain and process in
Canada any information or data relating to the
preparation and maintenance of the records
referred to in section 235 unless the
Superintendent has, subject to any terms and
conditions that the Superintendent considers
appropriate, exempted the association from
the application of this section.
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281. Subsection 245(3) of the Act is
replaced by the following:
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Application of
certain
provisions
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(3) Subsections 236(4) and (4.1) and
sections 237 and 239 to 242 apply, with any
modifications that the circumstances require,
in respect of a central securities register.
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282. (1) The portion of paragraph
292(3)(a) of the Act before subparagraph (i)
is replaced by the following:
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(2) Section 292 of the Act is amended by
adding the following after subsection (4):
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Regulations
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(5) The Governor in Council may make
regulations respecting subsidiaries that are not
required to be listed for the purposes of
paragraph (3)(a).
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1997, c. 15,
s. 135
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283. Section 296 of the Act is replaced by
the following:
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Copy to
Superinten- dent
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296. (1) Subject to subsection (2) , an
association shall send to the Superintendent a
copy of the documents referred to in
subsections 292(1) and (3) not later than
twenty-one days before the date of each
annual meeting of members of the association.
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Later filing
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(2) If an association's shareholders or
members sign a resolution under paragraph
161(1)(b) in lieu of an annual meeting, the
association shall send a copy of the documents
referred to in subsections 292(1) and (3) to the
Superintendent not later than thirty days after
the signing of the resolution.
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284. Subsection 353(2) of the Act is
replaced by the following:
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Priority not
affected
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(2) Nothing in subsection (1) prejudices or
affects the priority of any holder of any
security interest in any property of an
association.
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1993, c. 34,
s. 54
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285. Subsections 354(3) and (4) of the Act
are replaced by the following:
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Exemption
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(3) On application by an association , the
Superintendent may exempt from the
application of this section and section 355 any
class of shares of the association that do not
amount to more than 30% of the equity of the
association.
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Definition of
``equity''
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(4) For the purposes of this section,
``equity'', in respect of an association, means
its equity as determined in accordance with
the regulations.
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286. The Act is amended by adding the
following after section 354:
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No acquisition
of control
without
approval
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354.1 No person shall acquire control,
within the meaning of paragraph 3(1)(e), of an
association without the prior approval of the
Minister.
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287. Subsection 357(1) of the Act is
replaced by the following:
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When
approval not
required
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357. (1) Despite subsections 354(1) and (2)
and section 355, the approval of the Minister
is not required if
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288. Sections 358 and 359 of the Act are
replaced by the following:
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Application
for approval
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358. (1) An application for an approval of
the Minister required under this Part must be
filed with the Superintendent and contain the
information, material and evidence that the
Superintendent may require.
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Applicant
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(2) If , with respect to any particular
transaction, this Part applies to more than one
person, any one of those persons may make the
application to the Minister for approval on
behalf of all of those persons.
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Matters for
consideration
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358.1 If an application for an approval
under subsection 354(1) is made, the Minister,
in determining whether or not to approve the
transaction, shall take into account all matters
that the Minister considers relevant to the
application, including
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Terms and
conditions
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359. The Minister may impose any terms
and conditions in respect of an approval given
under this Part that the Minister considers
necessary to ensure compliance with any
provision of this Act.
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289. Section 361 of the Act is replaced by
following:
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Notice of
decision to
applicant
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361. (1) Subject to subsections (2) and (3)
and section 362, the Minister shall, within a
period of thirty days after the certified date
referred to in subsection 360(1), send to the
applicant
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Notice of
decision
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(2) Subject to subsections (4) and 362(2), if
an application involves the acquisition of
control of an association, the Minister shall,
within a period of forty-five days after the
certified date referred to in subsection 360(1),
send to the applicant
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Extension of
period for
notice
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(3) If the Minister is unable to complete the
consideration of an application within the
period referred to in subsection (1), the
Minister shall,
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Further
extensions
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(4) If the Minister considers it appropriate
to do so, the Minister may extend the period
referred to in subsection (2) for one or more
periods of forty-five days.
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290. Section 362 of the Act is renumbered
as subsection 362(1) and is amended by
adding the following after subsection (1):
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Reasonable
opportunity to
make
representa- tions
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(2) If after receipt of the notice referred to
in paragraph 361(2)(b), the applicant advises
the Minister that the applicant wishes to make
representations, the Minister must provide the
applicant with a reasonable opportunity
within a period of forty-five days after the date
of the notice, or within any further period that
may be agreed on by the applicant and the
Minister, to make representations in respect of
the matter.
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291. Sections 363 and 364 of the Act are
replaced by the following:
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Notice of
decision
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363. (1) Within a period of thirty days after
the expiration of the period for making
representations referred to in subsection
362(1) , the Minister shall, in the light of any
such representations and having regard to the
matters to be taken into account, send a notice
to the applicant indicating whether or not the
Minister approves the transaction to which the
application relates.
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Notice of
decision
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(2) Within a period of forty-five days after
the expiration of the period for making
representations referred to in subsection
362(2), the Minister shall, in the light of any
such representations and having regard to the
matters to be taken into account, send a notice
to the applicant indicating whether or not the
Minister approves the transaction to which the
application relates.
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Deemed
approval
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364. If the Minister does not send a notice
under subsection 361(1) or (3) or 363(1)
within the period provided for in those
subsections, the Minister is deemed to have
approved the transaction to which the
application relates.
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292. The portion of subsection 368(1) of
the Act before paragraph (a) is replaced by
the following:
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Disposition of
shareholdings
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368. (1) If , with respect to any association,
a person contravenes section 354 or 354.1 or
fails to comply with any terms and conditions
imposed under section 359, the Minister may,
if the Minister deems it in the public interest
to do so, by order,
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293. The Act is amended by adding the
following immediately before section 375:
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General Business |
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1997, c. 15,
s. 137
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294. (1) The portion of subsection 375(1)
of the Act before subparagraph (a)(i) is
replaced by the following:
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Main business
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375. (1) Subject to this Act, an association
shall not engage in or carry on any business
other than such business as generally
appertains to the business of
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1997, c. 15,
s. 137
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(2) Subparagraph 375(1)(a)(v) of the Act
is replaced by the following:
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(3) Subsection 375(3) of the Act is
replaced by the following:
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Restriction
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(3) Subject to any order that may be made
by the Superintendent under section 61 or 62 ,
an association shall not receive money on
deposit from a local cooperative credit
society, or a cooperative corporation, that is
not a member of the association.
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1997, c. 15,
s. 138
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295. Section 376 of the Act is replaced by
the following:
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Additional
businesses
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375.1 (1) In addition to engaging in or
carrying on any business that an association is
permitted to engage in or carry on under
subsection 375(1), an association may, with
the approval of the Minister and subject to any
order of the Superintendent that may be made
under section 61 or 62,
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Terms and
conditions
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(2) The Minister may impose any terms and
conditions in respect of the provision of
financial services provided by a retail
association as the Minister considers
necessary or appropriate. The Minister may
also vary or revoke any of those terms and
conditions.
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Regulations
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(3) The Governor in Council may make
regulations
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Additional
activities
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376. (1) In addition, an association may
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