Bill C-8
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1991, c. 48
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Cooperative Credit Associations Act |
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248. (1) The definition ``subsidiary'' in
section 2 of the Cooperative Credit
Associations Act is replaced by the
following:
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``subsidiary'' « filiale »
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``subsidiary'' means an entity that is a
subsidiary of another entity within the
meaning of section 5;
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1991, c. 48,
par. 497(a)
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(2) Paragraph (d) of the definition
``financial institution'' in section 2 of the
Act is replaced by the following:
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(3) Section 2 of the Act is amended by
adding the following in alphabetical order:
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``Agency'' « Agence »
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``Agency'' means the Financial Consumer
Agency of Canada established under
section 3 of the Financial Consumer
Agency of Canada Act;
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``branch'' « bureau »
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``branch'', in respect of an association, means
an agency, the head office and any other
office of the association;
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``Commission
er'' « commissaire »
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``Commissioner'' means the Commissioner of
the Financial Consumer Agency of Canada
appointed under section 4 of the Financial
Consumer Agency of Canada Act;
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``consumer
provision'' « disposition visant les consomma- teurs »
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``consumer provision'' means a provision
referred to in paragraph (b) of the definition
``consumer provision'' in section 2 of the
Financial Consumer Agency of Canada
Act;
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``league'' « confédéra- tion »
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``league'' means a cooperative corporation
incorporated by or under an Act of the
legislature of a province whose
membership consists wholly or primarily of
local cooperative credit societies and whose
principal purpose is the provision of
administrative, technical, research and
consultative services, and goods related to
those services, to any cooperative credit
society or to persons intending to organize
or operate such a society;
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``retail
association'' « association de détail »
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``retail association'', for the purpose of any
particular provision of this Act, means an
association as defined in the regulations;
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249. (1) Paragraph 3(1)(e) of the French
version of the Act is replaced by the
following:
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(2) The portion of subsection 3(3) of the
Act before paragraph (a) is replaced by the
following:
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Deemed
control
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(3) A person is deemed to control, within
the meaning of paragraph (1)(a), (b) or (d), an
entity if the aggregate of
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(3) Section 3 of the Act is amended by
adding the following after subsection (3):
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Guidelines
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(4) The Minister may, for any purpose of
any provision of this Act that refers to control
within the meaning of paragraph (1)(e), make
guidelines respecting what constitutes such
control, including guidelines describing the
policy objectives that the guidelines and the
relevant provisions of the Act are intended to
achieve and, if any such guidelines are made,
the reference to paragraph (1)(e) in that
provision shall be interpreted in accordance
with the guidelines.
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250. Sections 4 and 5 of the Act are
replaced by the following:
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Holding body
corporate
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4. A body corporate is the holding body
corporate of any entity that is its subsidiary.
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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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251. Subsection 6(2) of the Act is
repealed.
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252. 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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253. 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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254. Section 22 of the Act is replaced by
the following:
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Sunset
provision
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22. (1) Subject to subsection (2),
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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Extension
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(2) The Governor in Council may, by order,
extend by up to six months the time during
which associations may continue to carry on
business. No more than one order may be
made under this subsection.
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255. 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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256. 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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257. 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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258. 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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